(a) The cost of producing 5-gallon water bottles is given by C(q) = 0.005q? + 2q + 1000. If 2000 5-gallon water bottles are produced, find the (i) total cost (ii) average cost (iii) marginal cost (iv) marginal average cost SBx²-3 Bx+2 2 (b) Suppose that f(x) : if X< 2 %3D if x> 2 Find the value of B so that f(x) is continuous everywhere along the real line. (c) The demand for watches is given by p = 7000 - 2q dollars, and the supply of watches is given by p 0.01q² + 2q + 1000 dollars, where q is the number of watches demanded and supplied when the price per watch is p dollars. Based on the information provided, calculate the equilibrium quantity and the equilibrium price for watches.

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.