An economist estimates the cost function for Redwood Hill Farm, LLC as shown below. Redwood Hill Farm focuses solely on the production of goat yogurt: C(Q)= 85 + 15lnQ + 10승+20. Based on this information, determine: a) The fixed cost, the variable cost, and the total cost of producing 5 units of output. b) The average fixed cost, the average variable cost, and the average total cost of producing 17 units of output. c) The marginal cost when Q = 5. %3D
An economist estimates the cost function for Redwood Hill Farm, LLC as shown below. Redwood Hill Farm focuses solely on the production of goat yogurt: C(Q)= 85 + 15lnQ + 10승+20. Based on this information, determine: a) The fixed cost, the variable cost, and the total cost of producing 5 units of output. b) The average fixed cost, the average variable cost, and the average total cost of producing 17 units of output. c) The marginal cost when Q = 5. %3D
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter3: Benefits, Costs, And Decisions
Section: Chapter Questions
Problem 3.7IP
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