Question: A firms total cost function is given by: TC(Q)= Q 3 -5 Q 2 +60Q . Please answer the following based upon the given information.

  1. A firms total cost function is given by: TC(Q)=Q3-5Q2+60Q. Please answer the following based upon the given information.
    1. Find the average cost function, AC(Q).
    2. Find the stationary point for AC(Q).
    3. Determine whether the stationary point represents a local maximum, minimum, or inflection point.
    4. Find the marginal cost function MC(Q).
    5. Find the stationary point for MC(Q).
    6. Determine whether the stationary point represents a local maximum, minimum, or inflection point.
    7. For the total cost function, TC(Q), please indicate the range of values of Q for which the function is concave.

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