Question: Consider the output quantity vector below. It relates to quantity produced per plant, per day: Q 0 1 2 3 4 5 6 7 8

Consider the output quantity vector below. It relates to quantity produced per plant, per day:

Q

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Consider a cubic total cost function (estimated using historical production data):

TC(Q)=5+0.32*Q-0.25*Q2+0.38*Q3

Compute the average and marginal cost starting from Q=1 up to Q=15. The absolute value of the difference between average and marginal cost is minimized when _____ units are produced.

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