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Given TC = 40 + 2q + 0.1q2 + 0.02q3. a.What is this firm’s total fixed...

Given TC = 40 + 2q + 0.1q2 + 0.02q3.

a.What is this firm’s total fixed cost?

b.What is the equation for this firm’s average variable cost?

c.If this firm’s profit maximizing level of output is 10 units, would this firm shutdown if it sells its product at $7 per unit? Explain briefly.

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