I.Consider a beef processing company operating in a perfectly competitive industry. The company's cost function is represented by the following equations:

Where is the quantity of processed beef carcases per week and TC is the total cost. Use this information to answer the questions below:

a)Derive the expression for the company's average variable cost, average fixed cost, marginal cost and average total cost functions.(4)

b)Determine the company's efficient scale of production. (3)

c)Suppose the price of process beef carcases is N$1600, determine the optimum output level.(2)

d)Determine the company's break-even price per carcases. (2)

At above given price, how much profit/loss does the company make at optimum output level?