A firm has a fixed production cost of $5000. For the first 100 units of production, the firm has a constant marginal cost of production of $400 per unit produced. Producing more than 100 units has a constant marginal cost of production of $600. The firm cannot produce more than 150 units. What is the Total cost function, what is the Average Cost, Marginal Cost, and the relationship between MC and ATC.
