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Suppose a price-taking firm faces a market price of P = $70 and has a total...

Suppose a price-taking firm faces a market price of P = $70 and has a total cost function given by: TC = 269 + 2Q + Q2.(Q squared) a. Algebraically derive the firm’s fixed cost, average cost and marginal cost functions. b. What quantity will the firm produce? c. Compute the revenues, costs, and profits associated with the profit-maximizing quantity.

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