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Please answer quickly and correctly. I have a time limit. Thank you so much! This is all the data provided in the question. This past

Please answer quickly and correctly. I have a time limit. Thank you so much! This is all the data provided in the question.

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This past week, a friend of yours who lives in your neighborhood asks you for a favor. He heard that you recently completed a graduate level course in Managerial Economics, and he figured that you would be the perfect person to help his daughter Jessica, who is in Girl Scouts, better manage her cookie sales. Each girl scout is trying to sell as many boxes of cookies as possible, but she has no control over prices. The cookies are identical across US markets and it's relatively easy for new members to get started. The market price for the cookies is $3 per box. The main costs associated with selling the cookies are the logistical and set-up costs including transportation to the different sales sites every weekend. You have the following production and cost data for Jessica's Girl Scout cookie stand Output (Q) Total Cost 0 $60 10 90 20 110 30 120 40 125 50 135 60 150 70 175 80 225 i. Use Excel or other spreadsheet software to reconstruct the table above. Add the following columns to the spreadsheet: Total Revenue, Total Profit, Marginal Cost, and Marginal Revenue. Calculate the respective measures based on the data provided. Once completed, your table should consist of 6 columns. ALL WORKING MUST BE SHOWN TO OBTAIN FULL CREDIT. (6 points) ii. Based on the data, would you consider the period to be a short-run or long-run time frame? Provide justification for your answer. (4 points) iii. Determine the profit-maximizing level of output for Jessica. Provide justification for your answer. Based on the measures you calculated, provide Jessica with some sage business advice about how she should progress with the business into the future. (5 points)

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