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The plot below shows the marginal cost (in red) and marginal revenue (in blue) from selling q units of a certain product are plotted below, as functions of q. 2004 MR 100 MC 10 20 30 For each event below, indicate the q-value(s) where it occurs, or state that there are none. Provide justification in terms of the behavior of MR and MC observable from the graphs above a) The cost function has a local minimum b) The cost function has an inflection point c) The revenue function has a local minimum d) The revenue function has a local maximum e) The profit function has a local minimum f) The profit function has a local maximum The plot below shows the marginal cost (in red) and marginal revenue (in blue) from selling q units of a certain product are plotted below, as functions of q. 2004 MR 100 MC 10 20 30 For each event below, indicate the q-value(s) where it occurs, or state that there are none. Provide justification in terms of the behavior of MR and MC observable from the graphs above a) The cost function has a local minimum b) The cost function has an inflection point c) The revenue function has a local minimum d) The revenue function has a local maximum e) The profit function has a local minimum f) The profit function has a local maximum

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