A manager estimated that the cost functions of their firm as: C(q) = 50 + 20q + 5Q², MC(q) = 20 + 10q Based on this information, determine: a. the FC of producing 5 units of output

50. b. the VC of producing 5 units of output

50 + 20(5) + 5(5)2 = 225 c. the TC of producing 5 units of output

50 + 20(5) + 5(5)2 + 20(5) + 10(5) 2 = 425 d. AFC of producing 5 units of output

50/5 = 10 e. AVC of producing 5 units of output

(50+20(5) + 5(5)2)/5 = 45 f. ATC of producing 5 units of output

(50+20(5) + 5(5)2 + 20(5) + 10(5)2) / 5 = 85 g. MC when q = 5 q = 5 = 20 + 10(5) = 70

Now, envision you have been tasked to create a table showing how costs change as production changes.

a. Given the cost functions from question #2, create table showing FC, VC, TC, AFC, AVC, ATC, and MC (create a column for each) for the range of quantities between 0 and 20 units. Format this table with consistent decimal places and make it look professional.

b. Now create the same two graphs showing costsfrom the "Tbl1 complete" worksheet included in this week's module. Label it, and make it look nice and professional. Paste those two graphs here.

Q (Total Avg Marginal Product) Prod Product FC VC TC MC AFC AVC ATC 0 0 2,000.0 0.0 2,000.0 70 70.0 70.0 2,000.0 400.0 2,400.0 5.7 28.6 5.7 34.3 2 150 75.0 80.0 2,000.0 800.0 2,800.0 5.0 13.3 5.3 18.7 3 240 80.0 90.0 2,000.0 1,200.0 3,200.0 4.4 8.3 5.0 13.3 4 340 85.0 100.0 2,000.0 1,600.0 3,600.0 4.0 5.9 4.7 N N N N N N N N N N N X 10.6 5 450 90.0 110.0 2,000.0 2,000.0 4,000.0 3.6 4.4 4.4 8.9 6 550 91.7 100.0 2,000.0 2,400.0 4,400.0 4.0 3.6 4.4 8.0 7 640 91.4 90.0 2,000.0 2,800.0 4,800.0 4,4 3.1 4.4 7.5 8 720 90.0 80.0 2,000.0 3,200.0 5,200.0 5.0 2.8 4.4 7.2 9 790 87.8 70.0 2,000.0 3,600.0 5,600.0 5.7 2.5 4.6 7.1 10 850 85.0 60.0 2,000.0 4,000.0 6,000.0 6.7 2.4 4.7 7.1Total Product, Avg Prod, Marginal Product by L MC, AFC, AVC, and ATC by L FC, VC, and TC by L 900 120.0 40.0 7,000.0 800 35.0 100.0 6,000.0 700 30.0 5,000.0 600 80.0 25.0 500 4,000.0 50.0 20.0 400 3,000.0 15.0 300 10.0 2,000.0 200 10.0 20.0 100 5.0 1,000.0 0.0 0.0 1 2 3 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10 11 -Q (Total Product) 0 Avg Prod - - Marginal Product - MC - AFC - AVC- ATC - FC VC TC