Tension in string of two pulleys suspending two masses [closed]

There is a system composed a rope connecting two identical masses, each of mass $m$, suspended by two fixed pulleys. The system is in a static equilibrium.

In between the pulleys, there is a tension gauge in the rope. It is my understanding that this tension gauge should read $mg$, as it is being pulled on both ends with a force of $mg$, exactly the same as if it were simply suspended from a fixed point holding a mass of $m$.

However, my professor says the tension gauge reads $\frac{mg}{2}$. What is correct, and why?

closed as off-topic by stafusa, Kyle Kanos, glS, Jon Custer, JMacAug 27 '18 at 18:04

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The professor is wrong (for how you labeled the diagram). The answer is $mg$. But if he meant $m_{total} g / 2$ he was correct. That is $(m_1+m_2) g / 2$ is the correct answer.