Question: Please show/explain steps. Given the cost function: C = q 4 2 5 0 q 3 + 2 0 0 0 0 q 2 +

Please show/explain steps.

Given the cost function:

C=q4250q3+20000q2+500q+1500

Find the marginal cost function.

Then, determine the intervals on which the cost function for production is increasing or decreasing.

Finally, use the Extreme Value Theorem to find the absolute maximum and absolute minimum values for the cost function.

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