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13. The Big Horn Corporation commissioned an economic consultant to estimate the company's cost function. The consultant collected a large amount of data for a
13. The Big Horn Corporation commissioned an economic consultant to estimate the company's cost function. The consultant collected a large amount of data for a number of veers from the books ofthe corporation and came up with the following equation: Where TC =170 + 226.2 + 1.5g;2 where C = Total cost [in thousands) Q = Qua-intitf,r produced per period Plot this curve for quantities 1 through 15. Calculate the average total cost, average variable cost, and marginal cost, and plot them on another graph. c. Discuss your results in terms of decreasing, constant, and increasing marginal costs. Does Big Ham's cost function illustrate all these? 57.\
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