Equations for Fixed, Variable, Average and Marginal Costs 5 Given TC = 100 + 50Q – 12 Q² + Q³ wher

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Equations for Fixed, Variable, Average and Marginal Costs

5 Given TC
= 100 + 50Q – 12 Q² + Q³ where TC is total cost and Q is output,

a What are
the equations for total fixed cost, total variable cost, average fixed cost,
average variable cost and marginal cost?

b Where is
the point of diminishing marginal returns?

c Where
does stage II of the production function begin?

d Show that
MC = AVC when AVC is at a minimum

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