Question 1 A firm has a linear cost function given by C(x) = mx + b, where m and b are positive numbers and x represents the number of units produced. In this cost function, m represents marginal cost and b represents fixed cost Question 2 A firm collects the following data about the price charged (P) and the number of units sold (Q) Price Quantity 50 $12 $10 56 $8 66 $6 80 In this case it would be best to use a Ononlinear finear function to represent the relationship between price and quantity.