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Given the following cost function: TC = 1500 + 15Q – 6Q 2 + Q3 i. Determine the total fixed cost for producing 1000 units of output and 500 units of output.

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Explanation:

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The total fixed cost for producing 1000 units of output and 500 units of output is 1,500.

Given that,

  • The cost function is TC = 1500 + 15Q – 6Q 2 + Q3i.

Based on the above information, the calculation is as follows:

The total fixed cost should remain the same whether the production is changed or not.

So here the fixed cost should be 1,500 in both the cases.

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