Question: Here are three total cost functions: TC = 500 + 100Q- 10Q2 + 2Q3 TC = 500 + 100Q- 10Q2 TC = 500 + 100Q

Here are three total cost functions:

TC = 500 + 100Q- 10Q2 + 2Q3 TC = 500 + 100Q- 10Q2 TC = 500 + 100Q

a. Determine for each equation the average variable cost, average cost, and marginal cost equations.

b. Plot each equation on a graph.

c. Use calculus to determine the minimum total cost for each equation.

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