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Suppose that the cost of producing q appliances is C(q) = 500 49 + qand the demand function is given by p = 14 2q.

Suppose that the cost of producing q appliances is C(q) = 500 49 + qand the demand function is given by p = 14 2q. a)Find the quantity and the price that minimizes the average cost function. Explain the results (important). b)What are the quantity and the price that maximize the profit? What is the maximum profit? Explain the results

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