4. One and Only, Inc. is a monopolist. The demand function for its product is estimates to be;Q=60-0.4P+6Y+2A where Q=quantity of units sold P=price per unit Y=per capita disposable personal income (thousands of dollars) A=hundreds of dollars of advertising expenditures;The firm's average variable cost function is AVC=Q^2-10Q+60;Y is equal to 3 (thousand) and A is equal to 3 (hundred) for the period being analyzed.;a. If fixed costs are equal to $1000 derive the firm's total cost function and marginal cost function.
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