Question: The marginal cost function for a company is given by C'(q) = q 2 16q + 70 dollars/unit, where q is the quantity produced.

The marginal cost function for a company is given by

C'(q) = q2 − 16q + 70 dollars/unit,

where q is the quantity produced. If C(0) = 500, find the total cost of producing 20 units. What is the fixed cost and what is the total variable cost for this quantity?

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