I need solution of all parts plzz Q3. Answer the following questions:a. The long run cost functions of a firm is C=q3 – 4q2+8q. Prove that MC=ÁCat the minimum point of MC.b. Graphically explain the economy's production possibility curve in terms ofeconomic growth.

a. Given the cost function; C=q3-4q2+8qMC=3q2-8q+8AC=q2-4q+8

a. The long run cost functions of a firm is C=q3 – 4q2+8q. Prove that MC=AC at the minimum point of MC. b. Graphically explain the economy's production possibility curve in terms of economic growth.

a. The long run cost functions of a firm is C=q3 – 4q2+8q. Prove that MC=AC at the minimum point of MC. b. Graphically explain the economy's production possibility curve in terms of economic growth.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section: Chapter Questions

Problem 6WNG

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