TC = 100 + 50Q – 12Q2 + Q3 where TC is total cost and Q is level of output.
(i) Determine (a) total fixed cost function (b) total variable cost function
(c) average variable cost function, (d) marginal cost function.
(ii) Calculate TC, ATC, AVC and MC when the firm produces 10 units of output.
(iii) Calculate the level of output at which AVC is minimum.