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The marginal cost function for a company is given by C'(a) = q²-17q+70 dollars/unit, where q is the quantity produced. If C(0)=650, find the total cost of producing 20 units. What is the fixed cost and what is the total variable cost for this quantity? Fixed cost = $ Variable cost of producing 20 units = $ 69 Total cost of producing 20 units $

The marginal cost function for a company is given by C'(a) = q²-17q+70 dollars/unit, where q is the quantity produced. If C(0)=650, find the total cost of producing 20 units. What is the fixed cost and what is the total variable cost for this quantity? Fixed cost = $ Variable cost of producing 20 units = $ 69 Total cost of producing 20 units $

Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter3: Benefits, Costs, And Decisions
Section: Chapter Questions
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The marginal cost function for a company is given by C'(a) = q²-17q+70 dollars/unit, where q is the quantity produced. If C(0)=650, find the total cost of producing 20 units. What is the fixed cost and what is the total variable cost for this quantity? Fixed cost = $ Variable cost of producing 20 units = $ 69 Total cost of producing 20 units $
Transcribed Image Text:The marginal cost function for a company is given by C'(a) = q²-17q+70 dollars/unit, where q is the quantity produced. If C(0)=650, find the total cost of producing 20 units. What is the fixed cost and what is the total variable cost for this quantity? Fixed cost = $ Variable cost of producing 20 units = $ 69 Total cost of producing 20 units $
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