It is known that the firm's fixed costs = 55. The marginal cost function has the form: MC = 22-8Q + 3Q2 + 2Q3. Determine the function of the total costs of the company (TC) and calculate these costs for the release of 3 units of production.
It is known that the firm's fixed costs = 55. The marginal cost function has the form: MC = 22-8Q + 3Q2 + 2Q3. Determine the function of the total costs of the company (TC) and calculate these costs for the release of 3 units of production.
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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It is known that the firm's fixed costs = 55. The marginal cost function has the form: MC = 22-8Q + 3Q2 + 2Q3. Determine the function of the total costs of the company (TC) and calculate these costs for the release of 3 units of production.
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