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Let Cost function TC = 50+6Q², Revenue function TR = 100Q - 4Q².

Let Cost function TC = 50+6Q², Revenue function TR = 100Q - 4Q².

a. Compute TFC, TVC, TC, TR and profit at output range of 0 to 10 units. [5]

b. Using schedules, explain the behaviour of TFC, TVC and TC with proper reasons. [5]

c. Graph TR, TC and profit, and explain TR- TC approach of firm equilibrium. [5]

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