Suppose the total cost of producing widgets can be described by Y=10X²+50X+100 where Y is the total cost per year and X is the number of widgets. a. Based on the cost function, what are the fixed and variable costs of widget production? b. In a competitive market place, how much would the firm produce and what would be its level of profit if price were equal to $140? c. What is the lowest price at which the firm is willing to produce in the long run?

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