Suppose a firm’s cost function is given by C(q) = 20 + 10q − 4q^2 + q^3 (a) What is fixed cost? (b) What is variable cost? (c) Compute average cost, average fixed cost, and average variable cost, assuming q > 0. (d) Derive marginal cost. (e) Solve for the shut-down level of production, qSD. (Hint: The minimum of a well-behaved curve can be found by setting the first derivative equal to zero.)

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