An economist estimated that the cost function of a single-product firm is:C(Q) = 100 + 20Q + 15Q2 + 10Q3.Based on this information, determine the following:a. The fixed cost of producing 10 units of output.$ b. The variable cost of producing 10 units of output.$ c. The total cost of producing 10 units of output.$ d. The average fixed cost of producing 10 units of output.$ e. The average variable cost of producing 10 units of output.$ f. The average total cost of producing 10 units of output.$ g. The marginal cost when Q = 10.$

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.