Consider total cost function: C(q) = 48 + 3q2 + 2q, derive the average cost function, the marginal cost function, and the minimum efficient scale, and carefully graph the average cost and marginal cost curves.

b) Consider total cost function: C(q) = 20 + 5q, derive the average cost function, the marginal cost function. How does the marginal cost compare to the average cost? Graph these two functions. Does the average cost obtain a minimum at a finite quantity, q?