An economist estimated that the cost function of a single-product firm is: C(Q) = 100 + 20Q + 15Q 2

An economist estimated that the cost function of a single-product firm is:

 

                                                            C(Q) = 100 + 20Q + 15Q2 + 10Q3

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               [NOTE à MC(Q) = 20+30Q+30Q2]

 

               Based on this information, determine:

  1. The average fixed cost of producing 10 units of output
  2. The average variable cost of producing 10 units of output
  3. The average total cost of producing 10 units of output
  4. The marginal cost when Q = 10

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