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Suppose Dr Savage would like to write an new economic textbook, and given his understanding of economics he estimates the long run total cost of writing to be LT C = 20, 000Q - 200Q2 + Q3 and his long-run marginal cost as LMC = 20, 000-400Q+ 3Q2 , where (Q) is measured as thousands of words.
(a) Calculate Dr Savage's long-run average cost of writing by dividing the total cost by Q.
(b) Calculate the quantity where LAC is at a minimum, using the relationship between LMC and LAC.
(c) What is the lowest possible average cost at which Dr Savage can write?
(d) Calculate the ranges over which Dr Savage experience economies of scale and diseconomies of scale.
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a study of 24 graduates of four-year colleges revealed the mean amount owed by a student in student loans was 14381.
In a few sentences, describe why this recordkeeping would be important.
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the mean number of patients admitted per day to the emergency room of a small hospital is 3. if on any given day there
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