NAME SHORT RUN W Show work for credit! Use the function below (whose parameters qualify it as a STG function] to answer the questions.__See the text p. 244 for a representative gure. STC=700+TQ - .502 +.1QJ a. Total xed cost is S b. Obtain the AFC function from (a) and write it here c. Obtain the AVG function contained in the STC function and write the AVG function here d. Write here the MC function e. Find the value which AFC approaches as Q gets very large_.__ Also write a sentence or two explaining what this implies for xed costs per unit (AFC) as production quanties get ever larger. f. Find the value of Q at which AVC is a minimum. 9. Is productive efciency at the value in (f) greatest or least? h. Demonstrate that the value of SMC equals the value of AVG at the value of Q where AVG is a minimum:__Hint: The level of Q you found in (f) is where AVG is a minimum,__lf you plug this level of (2! into AVG (see c) and" also into MC (see d) the two outcomes should be the same if SMG crosses AVG at this level of Q. i. Find the value of Q where increasing returns ceases and diminishing returns begins. Hint: Diminishing returns begins at the level of Q where MG is a minimum