Question: 3. Consider the cost function, C = 2q2(wr)1/2. a. Is this a short-run or long-run cost function? Explain. b. Find the marginal cost function for

3. Consider the cost function, C = 2q2(wr)1/2. a. Is this a short-run or long-run cost function? Explain. b. Find the marginal cost function for output. c. Find the average cost function of output. Show your work. d. Derive the cost elasticity with respect to output. Show your formula and all calculations. e. What does this value of cost elasticity tell you about the degree of scale economies? Explain in detail

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