Question: Need Help Solving! Please explain how to solve best as possible. Smelling of Tulips, Inc., a perfume company, estimated its short-run costs using a U-shaped

Need Help Solving! Please explain how to solve best as possible.

Smelling of Tulips, Inc., a perfume company, estimated its short-run costs using a U-shaped average variable cost function of the formand obtained the following results.Total fixed cost (TFC) at S.T. Inc. is $1,250.

Adjusted R Square

0.758

C SE Tstat p-val

Intercept 32.52 2.33 13.95 0.0008

Q -1.39 0.51 -2.72 0.0146

Q^2 0.10 0.02 4.23 0.0006

What level of output (Q) is associated with the minimum AVC? What is the value of AVC at this minimum?

b.Determine equations for ATC, TC, and MC. Graph one scatterplot of Q vs. TC, and another scatterplot of Q vs. ATC, AVC, and MC.

c.When output is 9, how much is TC, AVC, ATC, and MC?

d.At what amount of output does labor change from exhibiting increasing returns to decreasing returns?

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