The short run total cost function of a firm producing toiletries is estimated as :
Total cost = 450.5m + 45.67Q
Where total cost (in million naira). Q is the quantity of toiletries produced in millions.
1. What is the total fixed cost?
2. Given that 30 million of toiletries were produced, determine the total cost, average cost, variable cost, average variable cost and average fixed cost of a firm.?
In Economics
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Asked by Lola Fash on 7th April, 2021
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