Discussion: Cost Expressions
A firm's total cost function is given by the equation: TC=4000+5Q+10Q^2
A. Write an expression for each of the following cost concepts: i.) Total Fixed Cost ii.) Total Variable Cost iii.) Average Variable Cost iv.) Average Total Cost v.) Marginal Costs vi.) Average Fixed Costs B.) Determine the quantity that minimizes average total cost.
B. Determine the quantity that minimizes average total cost.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.