Question: Answer the question below QT- Suppose the same rm's cost function is C(q) = 492 -I- 16. a. Find variable cost, xed cost, average cost,

Answer the question below

QT- Suppose the same rm's cost function is C(q) = 492 -I- 16. a. Find variable cost, xed cost, average cost, average variable cost, and average xed cost. (Hint: Marginal cost is given by M C = 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 rm produce a positive output? At what range of prices will the firm earn a negative prot? At what range of prices will the firm earn a positive prot? was\

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