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Suppose that LRTC = 60q - 8q 2 + 1/3q 3 a. Explain how you would estimate a cubic TC function using Excel, and what

Suppose that

LRTC = 60q - 8q²+ 1/3q³

a. Explain how you would estimate a cubic TC function using Excel, and what the estimated coefficients (including the constant term) would need to be in order to result in the given LRTC equation.

b. For the given LRTC, determine the price, quantity, and profit for a typical firm in a competitive industry in the long run.

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