A fast food restaurant in Windhoek operates in a competitive industry and has the total costs for producing hamburgers given by: C(H)=H 2
−10H 2
+35H where H is the total number of hamburgers produced. i) Derive expressions for average costs as a function of H and marginal costs as a function of H. [3 marks] ii) What is the lowest price at which the restaurant will still produce a positive quantity of hamburgers? iii) Will the restaurant ever produce at quantity at which profits are negative? Why or why not? [3 marks] iv) Suppose market demand for hamburgers is given by: D(P)=2000−50P. If all other fast food restaurants have the same cost function, what will the total number of restaurants be in the long run? [3 marks]