Answer the following questions.
a. If TC = 1,500 + 7.5Q + Q2, what are the cost functions for VC, FC, ATC, AVC, and AFC?
b. If VC = 50Q and FC = 800, what are the cost functions for TC, ATC, AVC, and AFC?
c. If ATC = 
, what are the cost functions for TC, FC, VC, AVC, and AFC?
Definitions:
Competitive Price-searcher
A market scenario where sellers actively seek out buyers by setting prices independently to capture consumer demand.
Raise Price
The act of increasing the cost at which a good or service is sold, which can affect demand, revenue, and profit margins.
Lose Sales
The phenomenon of experiencing a reduction in the number of units sold or in total revenue.
Competitive Price-searcher
A market condition where businesses actively seek to determine the optimal pricing of their goods or services relative to their competitors to gain market share.
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