When the iPad was introduced, Apple's constant marginal cost of producing its top-of-the-line iPad was about ($
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When the iPad was introduced, Apple's constant marginal cost of producing its top-of-the-line iPad was about \(\$ 220\), its fixed cost was \(\$ 2,000\) million ( \(\$ 2\) billion), and we estimate that its inverse demand function was \(p=770-11 Q\), where \(Q\) is the millions of iPads purchased. \({ }^{9}\) What were Apple's average variable cost and average cost functions? What was its marginal revenue function? What were its profit-maximizing price and quantity? What was its profit? Show Apple's profit maximizing solution in a figure.
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