Suppose the Cost Function for Your Firm Is

question 69

Essay

Suppose the cost function for your firm is:
C = 50 + 4Q + 2Q².
a.What is the average fixed cost of producing 5 units of output?
b.What is the average variable cost of producing 5 units of output?
c.What are the average total cost and marginal cost of producing 5 units of output?

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Definitions:

Contributory Negligence

A traditional defense to negligence liability based on the plaintiff’s failure to exercise reasonable care for his own safety.

Individual's Failure

refers to a situation where a person does not meet the required or expected standard or outcome.

Res Ipsa Loquitur

Literally, the thing speaks for itself. A doctrine that, in some circumstances, gives rise to an inference that a defendant was negligent and that his negligence was the cause of the plaintiff’s injury.

Doctrine

A belief or set of beliefs held and taught by a church, political party, or other group.