Discusison: Cost Expressions
A firm's total cost function is given by the equation: TC=4000+5Q+10Q^2
I) Write an expression for each of the following cost concepts:
a) Total Fixed Cost
b) Total Variable Cost
c) Average Variable Cost
d) Average Total Cost
e) Marginal Costs
f) Average Fixed Costs
II) Determine the quantity that minimizes average total cost.
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.