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Problem 1 Suppose you are looking at an industry with the following cost function C=50+4q+q where MC = 4+2q. Find the Average Costs for

Problem 1 Suppose you are looking at an industry with the following cost function C=50+4q+q where MC = 4+2q. Find the Average Costs for firms in this industry. . Find the Minimum Efficient Scale for firms in this industry. Graph a representative U-shaped cost gruph and denote qmes and the regions of cost properties this divides the graph into.

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