5. The cost function for a firm facing perfect competition is C(q)=1000+25q-0.5q^2+0.01q^3 Sketch the firm’s cost curves and supply curve on one set of axes. a.sketch MC,AVCAFC, and ATC. The basic shapes and relationships should reflect the cost functions above,but you do not need exact numbers. b. On the same axes,sketch the firm’s supply curve.Your curve should start from P=0.

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