Question: Pls help Question 1 (20 marks) The Total Cost (TC) function of a good is given by TC = 78400 + 8000 + 02: where

Pls help Question 1 (20 marks) The Total Cost (TC) function

Pls help

Question 1 (20 marks) The Total Cost (TC) function of a good is given by TC = 78400 + 8000 + 02: where O denotes quantity. a) Find the Marginal Cost (MC) and the Average Cost (AC). (3 marks) b) Find the value of Q that minimizes AC. (10 marks) c) Calculate AC and MC at this value of Q. What do you observe? (5 marks) d) Calculate TC at the optimum Q. (2 marks)

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