Question: 7. Suppose a smartphone company has the following cost function: TC = 600+ 4.5x + 2x Calculate the firms Total Cost, Average Total Cost,

$7. Suppose a smartphone company has the following cost function: [ mathrm{TC}=600+4.5 mathrm{x}+2 mathrm{x}^{2} ] Calcul$

7. Suppose a smartphone company has the following cost function: TC = 600+ 4.5x + 2x Calculate the firms Total Cost, Average Total Cost, Fixed Cost, Average Fixed Cost, Variable Cost, Average Variable Cost, and Marginal Cost for quantities x=10, 100. If the market price is $1000, and the firm is a rational, profit-maximizing firm, which quantity of output would you expect them to produce? Why?

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