Nokia sells a new budget cell phone based on information, Business Economics

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Nokia sells a new budget cell phone based on information

Nokia sells a new budget cell phone. Based on information provided by the accounting department, the average variable cost is: AVC = $20 + Q

The average fixed cost is: AFC = $4,000,000/Q

where Q is the number of phones. The phone sells for $50.

Show your work/thought process:

a. Find the total cost, average cost, and marginal cost equations.

b. At what level of output is average total cost minimized?

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Business Economics: Nokia sells a new budget cell phone based on information

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Business Economics: Nokia sells a new budget cell phone based on information

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