Question: The (total) cost function is given by C = 50 + 60 Q 18 Q 2 + 2 Q 3 e. Write down the

The (total) cost function is given by C = 50 + 60Q – 18Q² + 2Q³

e. Write down the average variable cost function AVC(Q). (1) f. Write down the average total cost function AC(Q). (1) g. Find the break-even point (Q and AC). (1) h. Find the shut-down point (Q and AVC). (1) i. Draw a graph to illustrate AC, AVC, and MC functions for quantities Q on the interval between 1 and 10. Make sure you show (put the numbers there) where exactly the MC curve intercepts AVC and AC curves. (1) j. If the price is P = 60, calculate the profit-maximizing firm’s profit. (1)

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