Question: 1.The (total) cost function is given by C = 50 + 60 Q - 18 Q 2 + 2 Q 3 AC:- AC(Q) = C/Q

1.The (total) cost function is given by C = 50 + 60Q - 18Q² + 2Q³

AC:-AC(Q) = C/Q = 50/Q + 60 - 18Q + 2Q^2.

AVC:-AVC(Q) = VC/Q = 60 - 18Q + 2Q^2.

MC:-MC(Q)=C (Q)=60-36Q+6Q^2

a.Draw a graph to illustrate AC, AVC, and MC functions for quantities Q on the interval between 1 and 10. Make sure you show (put the numbers there) where exactly the MC curve intercepts AVC and AC curves. (1)

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