The total short-run cost function of a company is given by the equation TC = 5Q2 + 100Q + 500, where TC is the total cost and Q is the total quantity of output.

(a) What is the company's total fixed cost? (1 marks)

(b) What is the company's total variable cost? (1 marks)

(c) What is the company's average fixed cost? (1 marks)

(d) What is the company's average variable cost? (1 marks)

(e) What is the company's average total cost? (1 marks

Suppose that a competitive firm is currently selling it product at $99 per unit. It's total and marginal cost functions are:

TC = 30 + Q + Q2

MC = 2Q + 1

where Q is output per year.

a) Calculate this firm's profit maximizing level of output. (3 Marks)

b) Is the firm earning a profit or loss? How much? (3 Marks