Sanderson's Pipe produces plumbing pipe. The long-run total cost of Sanderson's is TC = 40q - 10q2 + q . Where q is measured in thousands of feet of piping. Determine Sanderson's long-run marginal cost. LMC = 40 - 20q + 3q- Attempt #2: 1/1 (Score: 1/1) Correct Check Answer Determine Sanderson's long-run average cost. LAC = 40 - 10g + q ~ Attempt #1: 1/1 (Score: 1/1) Correct Check Answer Exploit the relationship between marginal and average costs to determine the quantity at which the long-run marginal cost is at a minimum. thousand feet of pipe Attempt #1: 0/1 (Score: 0/1) * Incorrect Check Answer What is the lowest possible average cost at which Sanderson's can produce pipe? LAC = $ per thousand feet of pipe Points possible: 1 Check Answer Suppose that Sanderson's is currently producing 2,000 feet of pipe. At this output, the cost-output elasticity is and the firm is experiencing of scale. Points possible: 2 Check Answer Sanderson's will experience economies of scale when output is above 5 thousand feet of pipe. O True O False Points possible: 1 Check