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3 Costs [12 pts] Suppose a producer in the market for t-shirts has the following total cost and marginal cost functions: TC = 500 +0.1Q2
3 Costs [12 pts] Suppose a producer in the market for t-shirts has the following total cost and marginal cost functions: TC = 500 +0.1Q2 MC = 0.2Q a. [2 pts] What is the firm's fixed cost? b. [2 pts] Write the equation for the firm's average total cost. c. [2 pts] Write the equation for the firm's average variable cost. d. [6 pts] Plot the MC, AVC, and ATC curves for this firm. What do you know about the firm's produc- tivity
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