Solved: What is the companys average cost, Microeconomics

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What is the companys average cost

Problem

(a) It costs a company $35,000 to produce 700 graphing calculators. The company's cost will be $35,070 if it produces an additional graphing calculator. The company is currently producing 700 graphing calculators.

(i) What is the company's average cost?

(ii) What is the company's marginal cost?

(iii) A customer is willing to pay $60 for the 701th calculator. Should the company produce and sell it? Explain.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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