Given the following cost function: TC = XXXXXXXXXX15Q – 6Q 2 + Q 3 i. Determine the total fixed cost for producing 1000 units of output and 500 units of output. ii. What is AFC at: a) 1000 units of...

Given the following cost function:
TC = 1500 + 15Q – 6Q²
+ Q³

i. Determine the total fixed cost for producing 1000 units of output and 500 units of output.
ii. What is AFC at:
a) 1000 units of output
b) 500 units of output
iii. Determine TVC, AVC, MC and AC at 50 units of output.

Jun 10, 2022