Question: 7. Suppose the same rm's cost function is C(q) = 4c;2 + 16. a. Find variable cost, fixed cost, average cost, aver- age variable cost,

7. Suppose the same rm's cost function is C(q) = 4c;2 + 16. a. Find variable cost, fixed cost, average cost, aver- age variable cost, and average fixed cost. (Hint: Marginal cost is given by MC = Sq.) . Show the average cost, marginal cost, and average variable cost curves on a graph. . Find the output that minimizes average cost. . At what range of prices will the firm produce a pos- itive output? . At what range of prices will the rm earn a nega- tive prot? . At what range of prices will the firm earn a positive | l'Ot

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