Consider the output quantity vector below. It relates to quantity produced per plant, per day: Q=0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15 Consider a cubic total cost function (estimated using historical production data): TC(Q)=5+0.32*Q-0.25*Q2+0.38*Q3 1) Compute the average and marginal cost starting from Q-2 up to Q=15. The absolute value of the difference between average and marginal cost is minimized when units are produced. 2) Consider the information in Question No. 1. The absolute value of the difference between average and marginal cost is maximized when units are produced. 3) Consider the information in Question No. 1. AgCommodity Midwest is a small agricultural commodity firm, engaged in a perfectly competitive market. The demand facing AgCommodity Midwest is fully elastic. When per-unit price of their product is set at $100, they maximize their profit by producing ____units (per plant, per day). 4) Consider the information in Question No. 1. When per-unit price of their product declines by 25% (from $100 to $75), they maximize their profit by producing units (per plant, per day). 5) Consider the information in Question No. 1. ManuProd International is a producer and an exporter of small electric engines, engaged in monopolistic competition. Estimated using historical data, the demand facing this firms is given as: P=250-4.35*Q Under the cost structure in Question No. 1 and the above demand function, ManuProd International maximizes its profit by producing units (per plant, per day). 6) Under the cost structure in Question No. 1 and the demand function in Question No. 6, ManuProd International maximizes its profit by charging its customers dollars per unit. (Note: Enter your answer below using two decimal points). 7) Under the cost structure in Question No. 1 and the demand function in Question No. 6, the maximum economic profit for ManuProd International is equal to dollars per plant, per day. (Note: Enter your answer below using two decimal points). 8) ManuProd International has 252 plants around the world. They all operate 363 days per year. Given your answer to the above question, the maximum annual economic profit for this firm is million dollars. (Note: Enter your answer below using two decimal points) 9)Consider the information in Question No. 1 and your answers to Questions No. 6 to 10. Let's define a "Mark-up Index (MI)" as the difference between profit-maximizing price (P*) and marginal cost (MC), divided by marginal cost: MI=(P*-MC)/MC Compute the Mark-up Index for ManuProd International. (Note: Enter your answer below using two decimal points). 10) In this question, we are going to examine how greater demand elasticity affects the Mark-up Index (MI-(P*-MC)/MC). You are given two alternative demand functions for ManuProd International: P=250-6.57*Q P=250-1.65*Q One of them is more elastic than the demand function in Question No. 6. Compute the Mark-up Index under the more elastic demand. (Note: Enter your answer below using two decimal points).