Question: Suppose the cost function is given by T C = 3Q2 + 7Q + 20. (i) Find the VC, FC, ATC, AVC, AFC, MC for

Suppose the cost function is given by T C = 3Q2 + 7Q + 20. (i) Find the VC, FC, ATC, AVC, AFC, MC for the following output levels Q = 1; Q = 2; Q = 3; Q = 4; Q = 5; and Q = 9 (ii) Using the numerical answers above plot the TC, VC, FC, ATC, AVC, AFC, and MC in a single graph. You may want to use Excel to generate the graphs.

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