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Suppose a firm’s total cost curve can be represented as TC = 15Q2 +8Q + 45 and that marginal cost can be represented by 30Q + 8.
a. What is this firm’s total fixed cost?
b. Write an equation for this firm’s variable cost, average variable cost, and average total cost. (Reduce the functions as much as possible) (3 points
c. Find the output level that minimizes average total cost.
d. Assume your firm was going to produce at the output level found in “c” what would be the total production cost?
e. Finally assume that the price you would receive for this product at this production amount is $50 per unit. Would your company continue production? Why or why not? Justify your answer.
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Figure 1 shows the shortrun cost curves of a toy producer. The market has 1,000 identical producers and Table 1 shows the market demand schedule for toys. At a market price of $21 a toy, what quantity does the firm produce in the short run and does ..
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