Homework Answers
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a)
MC = 2y/F
MC(200) = 2y/200 = y/100
b)
AC = (VC/y) + AFC = y/F + 1
AC (200) = y/200 + 1
c)
AC = y/200 + 1
dAC/dy = 1/200 (which is constant)
So, AC achieves minimum at y = 0
d)
At y = 0, AC = 1
Add Answer to:
Problem 2. Maggie wants to open a flower shop in Easton. She has a choice of...
I will not be graded on this question if you could please show your work! thanks...
I will not be graded on this question if you could please show
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4. Mary Magnolia wants to open a flower shop. She has to choose between three different floor sizes, 200 square feet, 500 square feet, or 1,000 square feet. The monthly rent will be $1 a square foot.Mary estimates that if she has k square feet of floor space and sells y bouquets a month, her variable costs will be cv(y) = y²/k per month....
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?
2. Propose and sketch a demand function for a product that currently sells for $500 with...
2. Propose and sketch a demand function for a product that currently sells for $500 with quantity sold at 25. Write both regular and inverse demand functions. 3. Representative firm in an industry has total cost function TC(a) -1849+and marginal cost function MC-2q a) What is the fixed cost function for the firm? What is the variable cost function? b) Derive average total, average fixed and average variable cost functions. c) Find the minimum efficient scale (-output that corresponds to...
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**Only [Harder] Question** Problem 2. Consider a firm that has a cost function of c(y) = 5y 2 + 50, 000. In other words, this is a firm with a fixed cost of $50,000 (which might be something like the cost of rent on the firm’s building, which they have to pay whether they produce any output or not) and a variable cost of $5Y 2 , (which we’ll think of as the cost of the labor and machinery necessary...
competitive firm is the . 4. the vert Mive is atroduction. The short-run supply curve of...
competitive firm is the . 4. the vert Mive is atroduction. The short-run supply curve of ortion of its short-tun marginal cost curve that is competitive firm in the above its average variable cost curve, The o ward sloping an u petitive firm is the portion of its short-run marginal cost curve that supply curve of a Leuward-sloping and lies above its long-run average cost curve. Example: A firm has the long-run cost function cy) = 2y + 200 for...
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Please explain in details with step-by-step solution, Thank you very much b) Evren wants to go...
Please explain in details with step-by-step solution, Thank you
very much
b) Evren wants to go into the donut business. For $500 per month he can rent a bakery complete with all the equipment he needs to make a dozen different kinds of donuts (K-1, r-500). He must pay unionized donut bakers a monthly salary of $400 each. He projects his monthly production function to be Q 5KL, where Q is tons of donuts. i) With the current level of...
Problem Set 1 1. Imagine you run a farm that produces pumpkins. Complete the following revenue...
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*PLEASE ONLY DO #3 BASED OFF #2, #2 has been done. Thank you! 2) Total Cost...
*PLEASE ONLY DO #3 BASED OFF #2, #2 has been done. Thank
you!
2)
Total Cost (TC) = 250+ q +0.004q2
Demand: p = 8 - 0.001Q
a) The monopolist will produce where the marginal revenue equals
the marginal cost.
MC = dTC/dq
MC = 1+0.008q
TR = P*Q
TR = 8Q – 0.001Q2
Marginal Revenue(MR) = dTR/dQ
MR = 8-0.002Q
Therefore,
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I will not be graded on this question if you could please show
your work! thanks
4. Mary Magnolia wants to open a flower shop. She has to choose between three different floor sizes, 200 square feet, 500 square feet, or 1,000 square feet. The monthly rent will be $1 a square foot.Mary estimates that if she has k square feet of floor space and sells y bouquets a month, her variable costs will be cv(y) = y²/k per month....
2. Propose and sketch a demand function for a product that currently sells for $500 with quantity sold at 25. Write both regular and inverse demand functions. 3. Representative firm in an industry has total cost function TC(a) -1849+and marginal cost function MC-2q a) What is the fixed cost function for the firm? What is the variable cost function? b) Derive average total, average fixed and average variable cost functions. c) Find the minimum efficient scale (-output that corresponds to...
competitive firm is the . 4. the vert Mive is atroduction. The short-run supply curve of ortion of its short-tun marginal cost curve that is competitive firm in the above its average variable cost curve, The o ward sloping an u petitive firm is the portion of its short-run marginal cost curve that supply curve of a Leuward-sloping and lies above its long-run average cost curve. Example: A firm has the long-run cost function cy) = 2y + 200 for...
Please explain in details with step-by-step solution, Thank you
very much
b) Evren wants to go into the donut business. For $500 per month he can rent a bakery complete with all the equipment he needs to make a dozen different kinds of donuts (K-1, r-500). He must pay unionized donut bakers a monthly salary of $400 each. He projects his monthly production function to be Q 5KL, where Q is tons of donuts. i) With the current level of...
Problem Set 1 1. Imagine you run a farm that produces pumpkins. Complete the following revenue table. Total revenue Marginal revenue Quantity Price 09 1009 2009 300 Your farm has a fixed size of 200 acres and you are renting it from the owner for 500 Euros. In addition, you have to pay 300 Euros for irrigation, regardless of the amount of pumpkins you grow on your farm. In order to harvest your pumpkins you need hire workers who pick...
*PLEASE ONLY DO #3 BASED OFF #2, #2 has been done. Thank
you!
2)
Total Cost (TC) = 250+ q +0.004q2
Demand: p = 8 - 0.001Q
a) The monopolist will produce where the marginal revenue equals
the marginal cost.
MC = dTC/dq
MC = 1+0.008q
TR = P*Q
TR = 8Q – 0.001Q2
Marginal Revenue(MR) = dTR/dQ
MR = 8-0.002Q
Therefore,
1+0.008q = 8 – 0.002q
0.01q = 7
q = 700
Price = 8 – 0.001*700
Price =...
Assume that a purely competitive firm has the following schedule of average and marginal costs: Output 1 AFC $300 150 100 No от во 60 50 43 38 33 30 AVC $100 75 70 73 80 90 103 119 138 160 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 9 10 e. At a price of $55, the firm would produce units of output. At a...
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