\f(b) [2 marks] Find the minimum cost to produce q cars when the price of labour (w) is 400 and price of capital (r) is 10? [Hint: the answer would involve q.] N (c) [2 marks] Using the answer to part (c), we can show that Carmaker's supply function is of the following form: (a + bp for p > AVCmin q = 1 0 for p = AVCmin where AVC stands for average variable cost. Find a, b, and AVCmin{d} [3 marks] A new technology of producing cars has come to the market which only uses capital gnu = MK\" As in part {c}, continua to assume w = 4m and r = 1t}. |Carrnaker maximizes prots. It uses both technologies and sells Ci' cars in a perfectly competitive market where the price of small cars is p". If 1J3 of cars are produced using new technology and 2.3 of the cars with old technology, then P\": :Q": Hall-lI many cars do Cam-taker produce in total? What must be the price of cars (assuming that the market for cars is perfectly competitive}