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1. A firm has a total cost function TC(y) 10y 5y+ 40. a) What is the...
A firm has total cost of TC(y)=y²+1 and marginal cost of MC(y)=2y. At what level of...
A firm has total cost of TC(y)=y²+1 and marginal cost of MC(y)=2y. At what level of output does the firm's average total cost achieve its minimum?
Suppose a firm has the following total cost function: TC = 300 + 40 Q –...
Suppose a firm has the following total cost function: TC = 300 + 40 Q – 8Q2 + (2/3) Q3 (a) Write an equation for (i) average fixed cost; and (ii) average variable cost (b) What will be the value of average (total) cost when Q = 60? (c) What will be the marginal cost, when Q = 20? (d) For this firm what will be the value of average variable cost at its minimum
A firm has total cost of TC(y)=y²+1 and marginal cost of MC(y)=2y. What is the firm's...
A firm has total cost of TC(y)=y²+1 and marginal cost of MC(y)=2y. What is the firm's average variable cost?
Keep c(y) = 200−10y+ 0.5y^2 as the cost function of the firm. a) What is the...
Keep c(y) = 200−10y+ 0.5y^2 as the cost function of the firm. a) What is the average cost of producing y units of output? b) What, therefore, will be the optimum output in the long run (y*LR)? c) What is the average cost at the optimum output? d) What is the long run market price, p*LR? e) What is the firm’s total revenue in the long run? f) What is the firm’s total cost in the long run?
A firm produces a product in a competitive industry and has a total cost function (TC)...
A firm produces a product in a competitive industry and has a total cost function (TC) of TC(a) 60+4q+2q2 and a marginal cost function (MC) of MC(q) = 4 + 4q. At the given market price (P) of $20, the firm is producing 4.00 units of output. Is the firm maximizing profit?V What quantity of output should the firm produce in the long run? The firm should produce unit(s) of output. (Enter your response as an integer.)
Total cost function is: TC=20 + 2Q+5Q^2. What is the total cost, average total cost, average...
Total cost function is: TC=20 + 2Q+5Q^2. What is the total cost, average total cost, average fix cost, and average variable cost of producing 5 units of output? What is the marginal cost of the 6th unit of output?
Given the total cost function for a firm is Q = output and TC = total...
Given the total cost function for a firm is Q = output and TC = total cost Q TC 0 20 1 40 2 60 3 80 4 100 5 120 6 140 the production function that generated these costs must have increasing marginal product of the variable input (labor) TURE OR FLASE
A firm has a total cost curve of TC = 15q² +8q+45. What is the output...
A firm has a total cost curve of TC = 15q² +8q+45. What is the output level that minimizes the firm's average variable cost?
1 Economies of Scale Consider the total cost function (TC): TC(q) = 100+ 40 + 492...
1 Economies of Scale Consider the total cost function (TC): TC(q) = 100+ 40 + 492 where q is output. 1.1 (10 points) Obtain the index of the extent of scale economies S = MCQ, where AC is average cost and MC is marginal cost. What is the value of this index when q = 2? Provide an intuitive interpretation for this number. 1.2 (10 points) Is there any range of production characterized by scale economies? At what production level...
Question 4 Consider the Sunshine Company, a perfectly competitive firm with the following cost function TC...
Question 4 Consider the Sunshine Company, a perfectly competitive firm with the following cost function TC 12006Q + 202 where Q is the firm's output per day. a) Find the firm's marginal cost function. [2 marks] C b) If the price of Sunshine's product equals $66, how many units per day should the firm produce? [4 marks] c) Find the firm's average variable cost function. [3 marks] d) Is average variable cost at the quantity you calculated in part b)...
A firm produces a product in a competitive industry and has a total cost function (TC) of TC(a) 60+4q+2q2 and a marginal cost function (MC) of MC(q) = 4 + 4q. At the given market price (P) of $20, the firm is producing 4.00 units of output. Is the firm maximizing profit?V What quantity of output should the firm produce in the long run? The firm should produce unit(s) of output. (Enter your response as an integer.)
A firm has a total cost curve of TC = 15q² +8q+45. What is the output level that minimizes the firm's average variable cost?
1 Economies of Scale Consider the total cost function (TC): TC(q) = 100+ 40 + 492 where q is output. 1.1 (10 points) Obtain the index of the extent of scale economies S = MCQ, where AC is average cost and MC is marginal cost. What is the value of this index when q = 2? Provide an intuitive interpretation for this number. 1.2 (10 points) Is there any range of production characterized by scale economies? At what production level...
Question 4 Consider the Sunshine Company, a perfectly competitive firm with the following cost function TC 12006Q + 202 where Q is the firm's output per day. a) Find the firm's marginal cost function. [2 marks] C b) If the price of Sunshine's product equals $66, how many units per day should the firm produce? [4 marks] c) Find the firm's average variable cost function. [3 marks] d) Is average variable cost at the quantity you calculated in part b)...
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