K Suppose that a firm's production function is q=5x0.5 in the short run, where there are fixed costs of $1,000, and x is the variable input whose cost is $625 per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q). The total cost of producing level of output q is OA. C(q) 1,000. OB. O C. OD. OE q² C(q)= 1,000+ 25 625q² C(q) 1,000+ 25 C(q)= 1,000+ 625q² C(q)= 25

K Suppose that a firm's production function is q=5x0.5 in the short run, where there are fixed costs of $1,000, and x is the variable input whose cost is $625 per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q). The total cost of producing level of output q is OA. C(q) 1,000. OB. O C. OD. OE q² C(q)= 1,000+ 25 625q² C(q) 1,000+ 25 C(q)= 1,000+ 625q² C(q)= 25

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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