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2. Table 1 shows the hourly production and Total Cost estimates for a new manufacturing firm wishing to enter the smartphone market. Fill in the

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2. Table 1 shows the hourly production and Total Cost estimates for a new manufacturing firm wishing to enter the smartphone market. Fill in the blank cells in columns a., b., c., d., and e. on the table by computing the appropriate values. Table 1 Smart Total Variable Average Average Average Marginal cell Cost Costs Variable Total Fixed Cost (MC) phones (TC) (VC) Costs Costs Cost (3 points) produced (2 points) (AVC) (ATC) (AFC) in an (2 points) (2 points) (2 points) hour a. b. C. d. e. 0 $3,200 n/a n/a n/a n/a 15 $3,525 325 21.67 235 213.33 21.67 30 $3,875 675 22.50 129.17 106.67 23.33 45 $4,250 1050 23.33 94.44 71.11 25 60 $4,650 1450 24.17 77.50 53.33 26.67 75 $5,075 1875 25 67.67 42.67 28.33 90 $5,525 2325 25.83 61.39 35.55 30 105 $6,725 3525 33.57 64.05 30.47 80 120 $8,210 5010 41.75 68.42 26.67 99 135 $9,950 6750 50 73.70 23.70 116

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