A firm's marginal cost is given by MC = 10. Find the total cost function C(q) if the fixed cost is 1000
To find the total cost function C(q), we need to integrate the marginal cost function MC with respect to quantity q, and add the fixed cost.
Given that MC = 10, the total cost function C(q) can be calculated as follows:
C(q) = ∫MC dq + fixed cost
C(q) = ∫10 dq + 1000
C(q) = 10q + 1000
Therefore, the total cost function C(q) is 10q + 1000 when the fixed cost is 1000.