Question: Please answer the question clearly with all steps, clear hand writing, and with explanation, that is very important!
A golf ball manufacturer faces a fixed cost of FC = 20 for operating and a variable cost of VC = 4q where q is the quantity of golf balls it produces.
(a) Derive the total cost function
(b) Derive the marginal and average cost functions (ATC, AVC and AFC).
(c) Are these short run or long run cost functions?