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Homework answers / question archive / Suppose the firm's cost function is given by C(Q)= 100 + Q + 2*Q^2 + 3*Q^3

Suppose the firm's cost function is given by C(Q)= 100 + Q + 2*Q^2 + 3*Q^3

Accounting

Suppose the firm's cost function is given by C(Q)= 100 + Q + 2*Q^2 + 3*Q^3 . At an output of Q=2, what are the marginal and average total costs, respectively?

ANSWER: $45, $67 2.

What should a firm charge for a package of 3 t-shirts if a typical consumer's inverse demand function is P=10-Q?

ANSWER: $25.50 3.

If output is produced according to Q = 4l + 6k, (l is the quantity of L and k is the quantity of K) the price of K is $12, and the price of L is $6, then the cost minimizing combination of K and L capable of producing 60 units of output is

ANSWER: l=15 and k=0

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