Relationship between production and cost

Reference no: EM1371810

a) Discuss the relationship existing between production and cost.

b) If a Total Cost function is given as: TC = 20,000 + 0.50Q + 0.025Q^2. Interpret the function by explaining what part constitute a fixed cost and what part constitutes variable cost.

c) What is the MC function of the above TC function?

Reference no: EM1371810

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