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Assume the firm has fixed costs equal to $192 and that each unit of labour costs $36. For each of the 7 possible output levels
Assume the firm has fixed costs equal to $192 and that each unit of labour costs $36. For each of the 7 possible output levels calculate fixed cost (FC), variable cost (VC), and total cost (TC). Show your full calculations for the output level q =24. Graph the FC, VC, and TC curves.
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