Question: CAN SIR HELP ME COMPLETE IN 45 MINS a. Given the total cost function: TC = 100 + 40Q - 15Q 2 + 5Q 3

CAN SIR HELP ME COMPLETE IN 45 MINS

a. Given the total cost function: TC = 100 + 40Q - 15Q2 + 5Q3, calculate the

i.Total fixed cost function (TFC) [1 Mark]

ii. Total variable cost function (TVC) [1 Mark]

iii.Average cost function (AC) [2 Marks]

iv.Marginal cost function (MC)[2 Marks]

b. A perfectly competitive firm has total revenue and total cost curves given by:

TR = 300Q

TC = 6,000 + 3Q + 0.4 Q2

iFind the profit-maximizing output for this firm.[4 Marks]

ii. Calculate the firms profit.[2 Marks]

iii. Is the firm running in the long-run? Justify[3 Marks]

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