Figure 4.48 in Section 4.4 shows the points, q₁ and q₂, where marginal revenue equals marginal cost.(a) On the graph of the corresponding total cost and total revenue functions in Figure 4.53, label the points q₁ and q₂. Using slopes, explain the significance of these points.(b) Explain in terms of profit why one is a local minimum and one is a local maximum.

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C(q) R(q) Figure 4.53 q (quantity)