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Question 7. a) Fill in the blanks marked with a "?" in the following table: [4 marks] output total cost total fixed cost total variable average average cost fixed cost variable cost 0 16 ? ? not defined not defined 36 ? ? ? ? 2 55 ? ? ? 3 70 ? ? ? ? b) The Blue Ocean Company's total variable cost function is given as follows: TVC =120Q - 602 + Q4 where Q is the number of units of output produced. Answer the following questions based on this total variable cost function. i) What is the output level where marginal cost is at minimum? [4 marks] ii) What is the output level where average variable cost is at minimum? [4 marks] iii) What is the value of average variable cost and marginal cost at the output where average variable cost is at minimum? (Hint: You found the output level in your answer to part ii) [4 marks]