Question: If total cost, T(X), is related to output, X, by the equation:
T(X) = 0.001X² + 0.5X + 50

a. What is the variable cost function?

b. What is the average cost function?

If output is 100 units, find

a. Total fixed cost;

b. Total variable cost;

c. Total cost;

d. Average cost;

e. Marginal cost of the 100th unit.