Open in Moodle: July 16, 12:00am - July 18, 11:59pm Latest ProctorU appt. time: July 18, 8:30pm 2. Your company has estimated its total cost to be TC = 54,000 + 2Q + 0.012Q2; its marginal cost is thus MC = 2 + 0.024Q, where Q is the quantity of units produced and TC is in dollars. Since your market is relatively competitive, your company is able to sell its output for $122.00 each (which thus yields MR = 122 and TR = 122Q). a. Produce a chart in Excel showing TC and TR with Q on the horizontal axis. Have Q go from 0 to 10,000 units (each row of your Q column can increase by a relatively large number so that your table isn't huge). Produce a second chart showing MC and MR with Q again on the horizontal axis. Output Total Revenue Marginal Cost Q - quantity Total Cost (TC) TR = 122 * Q MC = 2 + 0.024Q Marginal Revenue (MR) Profit 0 54000 0 -54000 1000 68000 122000 14000 122000 54000 2000 106000 244000 38000 122000 138000 3000 168000 366000 62000 122000 198000 4000 254000 488000 86000 122000 234000 5000 364000 610000 110000 122000 246000 6000 498000 732000 134000 122000 234000 7000 656000 854000 158000 122000 198000 8000 838000 976000 182000 122000 138000 9000 1044000 1098000 206000 122000 54000 10000 1274000 1220000 230000 122000 -54000