Economics The manager of an oil producing firm believes

Economics The manager of an oil producing firm believes that total costs can be well-approximated by a cubic (3rd order) total cost function of the following form: TC = FC + c1 Q + c2 Q 2 + c3 Q 3 (Note that this means that there will not be a term c4 Q 4, since it assumes that c4 = 0.) The manager has collected the following data for the total cost that resulted from producing different levels of output. The production level of output (Q) is in thousands of barrels of oil, and the total costs (TC) are in thousands of dollars. I Q TC (actual data) TC (actual data) 1 0.0 62.00 62.00 2 0.5 77.00 77.00 3 1.0 99.00 99.00 4 1.5 110.00 110.00 5 2.0

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