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Explain formula to the calculations Calculate the total revenue, marginal revenue, profits or losses, and production costs. Create a line plot that shows total costs,
Explain formula to the calculations
- Calculate the total revenue, marginal revenue, profits or losses, and production costs.
- Create a line plot that shows total costs, total fixed costs, and total variable costs.
- Create a line plot that shows production costs. Include AFC, AVC, ATC, and MC.
- Identify the profit maximizing price and quantity. Explain your answer.
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