Question



2. The cost function for your firms product has been estimated as: TC = 30.25 + 300 +0.25Q?, where TC is measured in dollars
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Tc- 30.25 + 30 0.254 (Tucis part of to deben lopends in a JUC- 300+ 0.250 (TFC il port of To which is const IFL= 30.25 ATC= Tي 25-30 احله 15 اداله : او هر At 0= 11 ATC is minimum. :AT 30 : 22 (0) 25 رہ 4 30 LATO = 35.5 | Minimum ATC is $35.5. رسانه رAVC-30+ 0.250. put = 14 = AVC = 30 +0.25 (14) LAVC= 33.5 Tuc- (Avc) (2) Juc = (14) (335) Tuc = 469 Labor is only variable inp

Add a comment
Know the answer?
Add Answer to:
2. The cost function for your firm's product has been estimated as: TC = 30.25 +...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  •    Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete...

       Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...

  • Finish the table. MPL: Marginal production of labor TC: Total cost MC: Marginal Cost AFC: Average...

    Finish the table. MPL: Marginal production of labor TC: Total cost MC: Marginal Cost AFC: Average fixed cost AVC: Average variable cost ATC: Average total cost lormal text - Times New... - 12 B I VA G E A E 1 E- Labor Week 6 Assignment: Production Costs 20 Points) Output MPL FC VC TC MC AFC AVC ATC (Q) 0 25 WN 25 50 75 100 13 25 15 F 16 25 125 1. Complete the table above. (4...

  • suppose a firm's total cost of production (TC) is tc=2Q^2 mc=4Q Suppose a firm's total cost...

    suppose a firm's total cost of production (TC) is tc=2Q^2 mc=4Q Suppose a firm's total cost of production (TC) is TC = 20 MC = 40 What do the firm's average total cost curve, average variable cost curve, and marginal cost curve look like? Draw the following curves from 0 to 5 units of output. 1.) Using the line drawing tool.graph the firm's average total cost curve and label it ATC 2.) Using the line drawing tool, graph the firm's...

  • Find TC, MC, AFC, AVC, and ATC from the following table. Instructions: Enter your responses rounded...

    Find TC, MC, AFC, AVC, and ATC from the following table. Instructions: Enter your responses rounded to two decimal places. Units (Q) VC($) TC($) MC($) | AFC($) AVC($) ATC($) FC($) 100 100 100 100 100 100 40 60 TDTT 70 85 130 (Note: Marginal costs should be interpreted as between levels of output.)

  • Consider a firm whose production function is Q = 0.4K0.5 L0.5. Its level of capital is...

    Consider a firm whose production function is Q = 0.4K0.5 L0.5. Its level of capital is fixed at 100 units, the price of labor is PL = $4 per unit, and the price of capital is PK = $2 per unit. Given this information, the firm's cost structure is given by: Group of answer choices TFC = 200, TVC = Q2/4, TC = 200 + Q2/4, AFC = 200/Q, AVC = Q/4, ATC = 200/Q + Q/4, MC = Q/2...

  • Question 41 Identify the range of diminishing marginal returns on the graph. Marginal Product Marginal and...

    Question 41 Identify the range of diminishing marginal returns on the graph. Marginal Product Marginal and Average Product Average Product Margin - Q1 Q2 Units of Labor 0Q3. O Q1Q2. O 0Q2. O Q1Q3 Question 42 Use the output data below to answer the question. Assume that all non-labor resources are fixed. Based on the data, diminishing marginal returns start with the hiring of the: Number of Workers Units of Output 0 30 70 120 160 180 190 fourth worker....

  • 1. Which of the following must be true when average total cost is decreasing? Average fixed...

    1. Which of the following must be true when average total cost is decreasing? Average fixed cost is increasing. Average variable cost is constant. Marginal cost is lower than avergae total cost. Marginal cost is decreasing. 2. Which of the following is true? AVC=ATC+AFC. AFC will go up in the beginning but will eventually go down. MC= (change in TC)/ (change in Q) FC+MC=TC. 3. Which of the following is true? Average product (AP) is increasing when the marginal product...

  • Consider the cost function C(Q) = 60Q – 12Q2 + Q3. a.   Sketch the total cost,...

    Consider the cost function C(Q) = 60Q – 12Q2 + Q3. a.   Sketch the total cost, the total variable cost, and the fixed cost for 0-12 units of output. b.   Find expressions for the ATC, AVC, AFC, and MC curves, and sketch the curves on a single graph, making sure the curves are correctly related to each other. At what output level does ATC reaches its minimum? c.   What can you say about the shape of the marginal product of...

  • Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital a...

    Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10

  • Calculate the missing values on the chart: Replace all the “?” marks. F A B C...

    Calculate the missing values on the chart: Replace all the “?” marks. F A B C D E Calculate the missing values: replace all the ? Production and Cost Functions B C D Wage = 6 E AFC MC MPTPLAPVCI 0 0 - 16 ? 2.0 4 2.0 5 2. 3 .0 5.5 23 28 1.1 2.0 3.1 GWN- 16 7 0.6 LE22.1 - 20 4.0 40 2.0 2 6 3.8 36 0.4 1.6 Immo-ID888888 25 7 3 .6 ?...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT