Assume that a cost function has been derived empirically, Business Economics

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Assume that a cost function has been derived empirically

Assume that a cost function has been derived empirically for a large firm:

TC=100+25Q

Where TC = total cost and q = quantity of output produced

a. what is the economic significance of the first term of the expression, 100?

b. what is the marginal cost of production in this cast?

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Business Economics: Assume that a cost function has been derived empirically

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Business Economics: Assume that a cost function has been derived empirically

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