Question: 21) A firm's total cost function is given by the equation: TC = 4000 + 5Q + 10Q2. (1-a) provide expression for each of the

21) A firm's total cost function is given by the equation: TC = 4000 + 5Q + 10Q2.

(1-a) provide expression for each of the following cost concepts:

a. Total Fixed Cost

b. Average Fixed Cost

c. Total Variable Cost

d. Average Variable Cost

e. Average Total Cost

f. Marginal Cost

(1-b) Determine the quantity that minimizes average total cost. Demonstrate that the predicted relationship between marginal cost and average cost holds.

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