8. long-run marginal cost Suppose Ralph has a single product firm with long-run economic cost given by C(q; P) = 300q − 20q2 + q3.

(a) Suppose q = 10 units are produced. What total cost will be incurred? What cost per unit will the accounting system report?

What is the marginal cost of production at this point?

(b) Repeat part

(a) for the case q = 7.

(c) Repeat part

(a) for the case q = 15.

(d) Write a short paragraph explaining your results.

(e) Write a second short paragraph explaining what would happen here were this a multiproduct firm.