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Question: It costs a company $35,000 to produce 700 graphing calculators. The company's cost will be $35,070 if it produces an additional graphing calculator. The company is currently producing 700 graphing calculators.
(i) What is the company's average cost?
(ii) What is the company's marginal cost?
(iii) A customer is willing to pay $60 for the 701th calculator. Should the company produce and sell it? Explain.
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