Problem 1 Suppose the Home country's total cost of producing widgets can be given by the function: a) Derive the average cost function for widgets1 ACW. in} Over what range of 62\"; does Home experience economies of scale? (Hint: You may nd it useful to use a graphic calculator or program like https:,r'fv.ww.destaoscornfcalculator} c) Suppose Foreign has average costs that are exactlyr twice as large as Home's. Assume both countries face identical demand for widgets in autarky. Considering onl},r the range in your answer to part In]: draw a graph demonstrating the autarlt}r price of widgets in each country. d} Determine what will happen in the world widget market if the two countries open up to trade