Answer the following questions.
a. If TC = 1,500 + 7.5Q + Q2, what are the cost functions for VC, FC, ATC, AVC, and AFC?
b. If VC = 50Q and FC = 800, what are the cost functions for TC, ATC, AVC, and AFC?
c. If ATC = , what are the cost functions for TC, FC, VC, AVC, and AFC?
Correct Answer:
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FC= 1,500
ATC = TC/Q =...
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