Statistics Solutions

(See Solution) If total cost, T(X), is related to output, X, by the equation: T(X) = 0.001X 2 + 0.5X + 50 What is the variable cost function? b.What is the

Question: If total cost, T(X), is related to output, X, by the equation:
T(X) = 0.001X 2 + 0.5X + 50

  1. What is the variable cost function?
    b.What is the average cost function?
    If output is 100 units, find
    1. Total fixed cost;
    2. Total variable cost;
    3. Total cost;
    4. Average cost;
    5. Marginal cost of the 100th unit.

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