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Suppose that Wanda's Widgets Inc. (WW) is a perfectly competitive widget producer. As WW's chief economist, your job is to determine WW's short run profit maximizing output level. a) Given WW's total variable cost (TVC) data below, use regression analysis and Excel to estimate a cubic total variable cost function for WW, TVC(Q). Suppose your intern suggest that a quadratic TVC be "good enough" statistically and easier to work with compared to a cubic TVC. Would accept your intern's recommendation? Explain briefly. b) Simplify your TVC by appropriately rounding your parameter estimates. Derive WW's average variable cost and marginal cost functions and simplify as appropriate. c) If the market price of a widget is $2,500 (Pmkt = $2,500), calculate WW's profit maximizing output level, Q*, and its profits at Q*, It(Q*). d) Suppose that the market price of widgets starts to decrease. Calculate the price at which WW will shut down. Show your derivations, calculations, and explanations clearly and completely. Total Variable Cost, TVC Output, Q 629,000 132 824,000 202 749,000 160 813,000 169 852,000 178 873,000 227 1,151,000 650 1,491,000 885 1,500,000 900 1,416,000 861 972,000 258 1,050,000 458 1,122,000 560 1,408,000 860 1,269,000 797 1,128,000 497 1,125,000 602 1,030,000 401 1,052,000 460 1,038,000 340 1,375,000 836 1,814,000 950 1,645,000 934 2,133,000 1000 1,674,000 910