(5 marks)A firm purchased copper pipes a few years ago at $10 per pipe and storedthem, using them only as the need arises. The firm could sell its remaining pipes in themarket at the current price of $9. What is the opportunity cost of each pipe and what isthe sunk cost?b.(5 marks)Give the formula for and plot AFC, MC, AVC and AC if the cost function is:C = 10 + 10q-4q2+ q3.c.(5 marks)What is the long-run cost function for a fixed proportion production functionfor which it takes two units of labour and one unit of capital to one unit of output as afunction of the wage rate, w, and the price of capita, r? Whatisthe cost function if theproductionfunctionis q = L + K?