LG currently have an hourly cost function for the production of their Smart Inverter Air Conditioners, given by, TC = 4q^2 + X*q + 4096. Select a value for X between [15-85].

i) What quantity will minimize LG's average cost.

ii) Calculate LG's minimum average cost.

iii) State the value of LG's fixed cost.

iv) Suppose LG decides to produce Y units of their A/Cs every hour. Select a value for Y between [34 - 64]. Calculate LG's total, average and marginal hourly cost given this new quantity.

v) Given this output of Y units, calculate LG's Total Hourly Revenue and Hourly Profit if they decide to sell each unit at a price which is 49% higher than its average minimum cost.