The short run cost function of the rm is of the form: TC 300 50Q

The short run cost function of the ¢rm is of the form:

TC ¼ 300 þ 50Q  10Q2 þ Q3

^ What is the value of ¢xed costs?

^ Write expressions for average total costs, total variable costs, average variable costs and marginal cost.

^ Calculate the output at which average total costs are minimized?