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3. Consider the following cost relationships for a single-product firm; C(q) = 50 + 0.5q for q 7 a. Derive average and marginal cost for

3. Consider the following cost relationships for a single-product firm; C(q) = 50 + 0.5q for q 7 a. Derive average and marginal cost for all integer outputs less than or equal to 7. b. What are average and marginal cost for all outputs above 7

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