Answer:
Fixed cost is $300
Marginal cost is $10.
Explanation:
1) Fixed cost of production are constant, occur regularly, and do not change in the short-term with changes in production.
TC = FC + VC(Q)
FC = Fixed cost
TC = total cost
VC = variable cost
Q = quantity
Since TC = 300+ 10Q
Therefore, fixed cost is $300.
2)Marginal costs are defined as the overall change in price when a buyer increases the amount purchased by one unit.
Marginal cost = Change in total cost /change in quantity.
Marginal cost = ∆TC/ ∆Q
Since variable cost = marginal cost × quantity of products
Therefore from the given total cost,
TC = 300+ 10Q
marginal cost = $10.
Therefore, Fixed cost = $300 and,
Marginal cost = $10
