| 5) Suppose a firm's fixed is equal to 500 and average variable cost function is: AVC=100-6Q+0.20 where represents the amount of output produced. a) Calculate following costs: (i) Variable cost; (ii) Average fixed cost; (iii) Average variable cost; (iv) Total cost (v) Average cost; and (vi) Marginal cost. b) At what output level average variable cost will be equal to marginal cost? c) At what output level diminishing marginal returns sets in? d) Suppose cost of production is given by C(Q) = 200+2Q2, where Q is the level of output. Calculate following costs: (i) Variable cost; (ii) Fixed cost; (iii) Average variable cost; (iv) Average fixed cost; (v) Average cost; and (vi) Marginal cost.