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Question 3: A firm operating in a perfectly competitive market has a total cost of production TC = 402+16. a) Determine the firm's marginal cost. b) Determine the firm's average cost. c) Determine the firm's average variable cost. d) Determine the quantity minimizing average cost. e) Determine the minimum price so the firm produces a positive output. f) Determine the minimum price so the firm earns a positive profit. g) Draw the firm's marginal cost, average cost, and average variable cost