Katie’s Concrete Co. is the only producer of concrete in her town (a monopolist). The firm’s total cost function is TC(Q)=Q^2-10Q+100 so marginal cost is MC = 2Q-10. What is the firm’s fixed cost? What is the average total cost for the firm? For what quantity is average total cost at its minimum?

Fixed Cost = 100 ; Average Cost = Q - 10 + 100/Q  

Average Cost Minimising Quantity = 10

Explanation:

Total Cost is the total production expenditure on all factors of productions, for all output quantities.

Total Cost (TC) is sum of Total Fixed Cost ( TFC) , Total Variable Cost (TVC)

So, TFC is the constant component of total cost function

TC Function = Q^2-10Q+100

TFC = Constant numeral = 100

Average Total Cost is the total cost per unit of output

ATC = TC / Q

(Q^2-10Q+100) / Q

= Q - 10 + 100/Q  

ATC minimised : per first derivative rule

dTC / dQ = 1 - 100/Q^2

1 - 100/Q^2 = 0

1 = 100 / Q^2

Q^2 = 100

Q = 10

b

explanation:

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.