3. Suppose that the cost function is given by: C(q) = 200 + 2g2 (a) Find the xed and variable cost. (b) Find the marginal cost. (c) Find the average cost and the average variable cost. (d) Draw the relationship between MC and AC. Suppose that the rm is a pricetaker and that the Current market price is $20. (e) Is it optimal for the rm to shut down or to continue production in the Shortrun? (f) Is it Optimal for the rm to shut down or to continue production in the longrun? 4. Suppose the production function is given by Q = Kl/B + L1/3 (a) For a given set of prices 11) and \"0, nd the conditional demands for capital and labor. Also compute the cost function (b) Compute the long run prot maximization quantity and the resulting prots (0) Solve for the unconditional demands for capital and labor (d) Show that the quantity produced and the prots from the unconditional demands are the same as the ones you got in part b