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The economist for the Grand Corporation has estimated the company's cost function, us- ing time series data, to be where TC = Total cost
The economist for the Grand Corporation has estimated the company's cost function, us- ing time series data, to be where TC = Total cost TC = 48 + 10Q - 2.000 +0.3000 Q Quantity produced per period (A) (3 Points) Please fill blank cells in Table CH7.App7A -with proper values. Table CH7.App7A: A Cubic Cost Function Q 0 TFC TVC TC AFC AVC ATC MC 1 2 3 4 5 $48.00 $37.50 $85.50 $9.60 $7.50 $17.10 $10.30 6 7 8 9 10 (B) (2 Points) Refer to Table CH7.App7A. Given the market price is $20.00 per unit, what is the optimum output level this perfectively competitive firm should produce -as a profit-maximizing firm? Also, what is its maximum profit?
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