You are the economist at Grand Corporation. You estimated the company's cost function,

using time series data, to be:

TC = 50 + 16Q - 2Q2 + 0.2(Q)3

TC = Total cost

Q = Quantity produced per period

Required:

3.1 How much is the fixed cost? (1)

3.2. Calculate the values for total cost, marginal cost and average cost for the first five

quantities (rounded off to the second decimal) and complete the following table: