An economist estimated that the cost function of a single-product firm is:                                                               C(Q) = 100 + 20Q + 15Q2 + 10Q3                               [NOTE à MC(Q) = 20+30Q+30Q2]                  Based on this information, determine: The average fixed cost of producing 10 units of output The average variable cost of producing 10 units of output The average total cost of producing 10 units of output The marginal cost when Q = 10

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

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Q: define total fixed costs

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.