Question Details

Suppose that the firm's cost function is given  


1.	Suppose that the firm's cost function is given in the following schedule (where Q is the level of output):

Output	Total
Q (units)	Cost
0	  7
1	25
2	37
3	45
4	50
5	53
6	58
7	66
8	78
9	96
10  	124  

Determine the (a) marginal cost and (b) average total cost schedules
2.	Complete the following table.

	Total	Marginal	Average
Output	Profit	Profit	Profit
			
0	48  	          0	______
1	26  	______	______
2	8	______	______
3	  6	______	______
4	16	______	______
5	22	______	______
6	24	______	______
7	22	______	______
8	16	______	______
9	  6	______	______
10  	8	______	______




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