Question 21

Suppose that a firm’s cost equation is TC(Q) = 100 + 2Q + 3Q2. The total variable cost of producing 2 units of output is:

a. 24.

b. 16.

c. 12.

d. 8.

e. None of the above.

Question 22

Suppose that a firm’s cost equation is TC(Q) = 100 + 2Q + 3Q2. The total fixed cost of producing 2 units of output is:

a. 116.

b. 100.

c. 16.

d. 8.

e. None of the above.

Question 23

Suppose that a firm’s cost equation is TC(Q) = 100 + 2Q + 3Q2. The marginal cost of producing 2 units of output is:

a. 24.

b. 14.

c. 12.

d. 8.

e. None of the above.

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