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The economist for the Grand Corporation has estimated

Question # 00580107
Subject: Economics
Due on: 08/29/2017
Posted On: 08/29/2017 07:37 AM

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decreasing, constant and increasing marginal cost

The economist for the Grand Corporation has estimated the company's cost function, using the times series data to be

TC=50+16Q-2Q2+0.2Q3

a. Plot this curve for quanties 1 to 10

b. Calculate the average total cost, average variable cost and marginal cost for these quantities, and plot them on another graph.

c. Discuss your results in terms of decreasing, constant and increasing marginal cost. Does Grand cost function illustrate all theses.

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