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1.Assumeafirm's total cost function is:- TC=12+60Q-15Q 2 +Q 3 Required: Suppose that the firm produces 20 units of output. Calculate Total fixed cost (TFC), Total

1.Assumeafirm's total cost function is:- TC=12+60Q-15Q2+Q3

Required: Suppose that the firm produces 20 units of output. Calculate

Total fixed cost (TFC),

Total variable cost (TVC),

Average total cost (ATC),

Average fixed cost (AFC),

Average variable cost (AVC), and

Marginal cost (MC).

thank you

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