Question: 3. Suppose that the rm's (long-run) cost function is given by c{y) = $93 20y2 + 5003;. (3.) Find the marginal cost function mc(y), the

3. Suppose that the rm's (long-run) cost function is given by c{y) = $93 20y2 + 5003;. (3.) Find the marginal cost function mc(y), the average cost function ac(y). (b) At which output level is the marginal cost minimized? At which output level is the average cost minimized? (c) What are the output levels such that mc(y) > ac(y)? What are the output levels such that mc(y) ac(y), and that ac(y) is decreasing if and only if mc(y)

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