Question Five (10 marks) Suppose that Professor Savage wants to write a new textbook. Given his understanding of economics he estimates the long-run total cost of writing to be: LTC = 5, 000 Q - 5003 + 03 Q is measured as thousands of words. a) Calculate Professor Savage's long-run average cost (LAC) (of writing). (2 marks) b) Calculate the quantity where LAC is at a minimum. (Hint: you need to firstly calculate long- run marginal cost.) (3 marks) c) What is the lowest possible average cost at which Professor Savage can write? (2 marks) d) Calculate the ranges over which Professor Savage experiences economies of scale and diseconomies of scale