ng isocosts and isoquants, you were able to obtain the optimal cost for a firm to produce iven level of output. a) Based on this, we can now derive various cost functions for a given level of output. i. Define the short run and long run cost functions. ii. Define sunk cost and fixed costs. iii. Define average cost and marginal costs. b) On one graph, draw the total cost function and fixed cost function. On a corresponding graph, draw the average cost function, average fixed function and the marginal cost function. c) Complete the table below; Q FC VC TC AVC AC MC 0 100 0 10 100 50 20 100 100 30 100 140 40 100 160 50 100 170 60 100 200 d) Given the cost function below C Q =378+48Q-60Q3+2Q3 i. Is this firm producing in the long run or the short run? ii. Derive the average cost, average fixed cost average variable cost, marginal cost functions. iii. At what level of output Is the marginal cost minimized. e) Assuming a firm has 5 alternative short run plant sizes (I, II, III, IV, V), draw the long run cost curve showing all the short run cost functions if optimal plant size is on the plant size