[All Steps] The cost of producing q items is C(q) = 1000 + 7q dollars. What is the marginal cost of producing the 50th item? The 500th item? What is the
Question: The cost of producing q items is C(q) = 1000 + 7q dollars.
- What is the marginal cost of producing the 50th item? The 500th item?
- What is the average cost of producing 50 items? 500 items?
Deliverable: Word Document 
Solution: Given the cost function C (q) = 4000 + 50q + 0.002q
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[Solution] (a) Estimate the equilibrium price and equilibrium
(See Solution) Suppose a price of $12 is artificially imposed. At this
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