long-run eost Junetion Ralph's firm produces a single produet. Its long-run eost funetion is given by C(q) = 900q - 40q2 + q3.

a] Determine Ralph' s total eost, average eost, marginaI eost and ineremental eost for eaeh integer value of q between 0 and 30. (Let ineremental eost be the eost of one additional unit.)

b] In a perfeetly eompetitive market, what market price would you expeet, and what output would you expeet Ralph to produce?

AppendixLO1