Question: Consider the following variable cost function (Q = output): VC = 25Q Fixed costs are equal to $500. If Q = 50, determine the values

Consider the following variable cost function (Q = output):

VC = 25Q

Fixed costs are equal to $500.

If Q = 50, determine the values of:

i) the total cost,

ii) average fixed cost,

iii) average variable cost

iv) average total cost

v) marginal cost.

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