You are given the following long-run cost function: TC = 160Q- 20Q2 + 1.2Q3 a. Calculate the

Question:

You are given the following long-run cost function:
TC = 160Q- 20Q2 + 1.2Q3
a. Calculate the long-run average cost and marginal cost Plot these costs on a graph.
b. Describe die nature of this function's scale economies. Over what range of output does economies of scale exist? Diseconomies of scale? Show this on the graph.