The short-run cost function of a company is given by the equation TC = 200 + 55q, where TC s the total cost and q is the total quantity of output, both measured in thousands. a) What is the company's fixed cost? b) If the company produced 100,000 units of good, what would be its average variable cost? c) What would be its marginal cost of production? d) What would be its average fixed cost?

The short-run cost function of a company is given by the equation TC = 200 + 55q, where TC s the total cost and q is the total quantity of output, both measured in thousands. a) What is the company's fixed cost? b) If the company produced 100,000 units of good, what would be its average variable cost? c) What would be its marginal cost of production? d) What would be its average fixed cost?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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