Sppose a firmrsquos total cost curve is tc 1000 10q

Question

Suppose a firm’s total cost curve is TC = 1000 + 10q + 4q² , such that MC = 10 + 8q.

(a) Find the firm’s fixed cost, variable cost, average total cost, and average variable cost.

(b) Find the output level that minimizes average total cost.

(c) Find the output level that minimizes average variable cost.