3. Assess which of the following is true and which is false. A firm’s total cost function is given by C = 1,000 +15Q. At an output of 200 units: a) Total cost is €4,000 and marginal cost is €3,000. b) Total cost is €4,000 and fixed cost is €1,000. c) Total cost is €4,000 and marginal cost is €15. d) We do not have sufficient information to calculate either fixed cost or marginal cost. e) Total average cost is €20, average fixed cost is €5 and thus average variable cost is €15.

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