1. Consider the following variable cost function VC = 100Q -10Q2 +5Q3 . Fixed costs are $150. a. Determine the total cost function. b. Determine the (i) average fixed, (ii) average variable, (iii) average total, and (iv) marginal cost functions. c. Determine the value of Q where the average variable cost function takes on its minimum value. d. Determine the value to Q where the marginal cost function takes on its minimum value.
2. Use the data from Problem 11 (page 362-363). a. Determine the breakeven quantity. b. Determine the breakeven sales revenue. c. Determine the output that would generate $60,000 in profit. d. Determine the sales revenue that would generate $60,000 in profit. e. Determine the Degree of Operating Leverage at t