(a) The marginal cost of two firms are given by the following Firm 1: C'(Q) = 300e® 1Q•2 TC= 3000 when Q = 0 Firm 2: C'(Q) = 41 +30Q -5Q² TC =400 when Q = 0 (i) What is the fixed cost for each firm (ii) Find the total cost function C(Q) for each firm (iii) average cost function for each firm
(a) The marginal cost of two firms are given by the following Firm 1: C'(Q) = 300e® 1Q•2 TC= 3000 when Q = 0 Firm 2: C'(Q) = 41 +30Q -5Q² TC =400 when Q = 0 (i) What is the fixed cost for each firm (ii) Find the total cost function C(Q) for each firm (iii) average cost function for each firm
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
Chapter7: Economies Of Scale And Scope
Section: Chapter Questions
Problem 11MC
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