1. Suppose a firm's total cost function is given by TC = 60 + 6Q + 10Q2, where marginal cost MC = 6 + 20Q
a. Find expressions for the firm’s fixed cost, variable cost, average total cost, and average variable cost.
b. What is the output level that minimizes the average total cost?
c. What is the output level that minimizes the average variable cost?
d. What is the output level that minimizes the total cost?