Peter's Pipers producers plumbing pipe. The long-run total cost of Peter's pipes is LTC = 20,000q-200q² +q° where Q is measured as thousands of feet of piping. The long-run marginal cost of Peter's pipes is given as LMC = 20,000 – 400q+3q? 2 What is the lowest possible average cost at which Peter can produce pipe?

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