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4. An economist estimated that the cost function of a single-product firm is C(a) 50 250+30503...
Check my workCheck My Work button is now disabled Item11 Item 11 10 points An economist...
Check my workCheck My Work button is now disabled Item11 Item 11 10 points An economist estimated that the cost function of a single-product firm is: C(Q) = 100 + 25Q + 15Q2 + 5Q3. Based on this information, determine the following: a. The fixed cost of producing 10 units of output. $ b. The variable cost of producing 10 units of output. $ c. The total cost of producing 10 units of output. $ d. The average fixed cost...
Can you answer these questions please. all of them 2. A firm's product sells for $2...
Can you answer these questions please. all of them
2. A firm's product sells for $2 per unit in a highly competitive market. The firm pro duces output using capital (which it rents at $75 per hour) and labor (which is paid a wage of S15 per hour under a contract for 20 hours of labor services). Complete the following table and use that information to answer the questions that follow. 20 0 1 20 50 2 20 150 3...
1. (a-g 4% each; h-I 7% each) An economist estimated that the Total Cost function is...
1. (a-g 4% each; h-I 7% each) An economist estimated that the Total Cost function is TC = $100 + 30Q + 20Q2 where Q is the number of widgets produced. Also, the marginal cost is calculated as follows: MC = $30 + 40Q Based on this information, determine the following for producing 10 units of output: Average Total Costs= $_______________ Marginal Cost= $_______________ Assume the firm produces 10 units of output and that it will shut down if it...
A firm has cost function C = 12 - 24Q + 36Q2. The firm is producing...
A firm has cost function C = 12 - 24Q + 36Q2. The firm is producing 6 units of output Calculate values for these: a) total cost b) total fixed cost c) total variable cost d) average total cost e) average fixed cost average variable cost g) marginal cost (Clearly label each answer and show all calculations that you do, or you will receive no credit for your answers.)
Hi please write everything out legibly thank you Using the cost function TC 3 10Q+50, and...
Hi please write everything out legibly thank you
Using the cost function TC 3 10Q+50, and a production function Q KAL, K-85, L 120, determine the following 1. Quantity of output 2. Average product of labor 3. Average product of capital 4. Marginal product of labor 5 Marginal product of capital 6. Fixed cost and average fixed cost 7. Variable cost and Average variable cost 8. Total cost and average total cost 9 If capital rental rater 5 and wage...
5. For the cost function unction C(O) = 100+20 + 30%, the average fixed cost of...
5. For the cost function unction C(O) = 100+20 + 30%, the average fixed cost of producing 2 units of output is (Q 10 A 100 B. 50. C. 3. D. 2. w ou are an efficiency expert hired by a manufacturing firm that uses K and Las inputs. The firm produces and sells a given output. If w = $40. r = $100, MP = 20, and MPx = 40 the firme A is cost minimizing B should use...
Suppose a firm faces a total cost function of: T C(Q) = 55 − 2Q +...
Suppose a firm faces a total cost function of: T C(Q) = 55 − 2Q + 10Q 2 (a) How would you express the average fixed cost for any level of output? What is the average fixed cost for 5 units of output? (b) How would you express the variable costs? What are variable costs when output is 6? (c) What is the marginal cost for the 12th unit of output? (d) At what level of output do marginal costs...
A firm's total cost function is given by the equation: &n
A firm's total cost function is given by the equation: (3 pts) TC = 2000 + 430Q - 40Q2 + Q3. Based on the equation determine a. Total cost of producing 20 units of output. b. Total Fixed Cost of producing 20 units of output. c. Total Variable Cost of producing 20 units of output. d. Average total Cost of producing 20 units of output. e. Average Variable Cost of producing 20 units of output. f. Marginal Cost...
A firm is producing 4 units of output at an average total cost of $50. When...
A firm is producing 4 units of output at an average total cost of $50. When the firm produces 5 units of output, average total cost falls to $45. What is the marginal cost of the fifth unit of output? A. $10 B. $25 C. $45 D. $70
Suppose a firm has the following production function: Q = 2K L. The marginal product of...
Suppose a firm has the following production function: Q = 2K L. The marginal product of capital is 2L, and the marginal product of labor is 2K. Assume that capital rents for $100 per unit per day, that labor can be hired for $200 per unit per day, and that the firm is minimizing costs. a. The firm will hire units of labor and - units of capital. b. What is the total cost of producing 60 units of output?...
Can you answer these questions please. all of them
2. A firm's product sells for $2 per unit in a highly competitive market. The firm pro duces output using capital (which it rents at $75 per hour) and labor (which is paid a wage of S15 per hour under a contract for 20 hours of labor services). Complete the following table and use that information to answer the questions that follow. 20 0 1 20 50 2 20 150 3...
A firm has cost function C = 12 - 24Q + 36Q2. The firm is producing 6 units of output Calculate values for these: a) total cost b) total fixed cost c) total variable cost d) average total cost e) average fixed cost average variable cost g) marginal cost (Clearly label each answer and show all calculations that you do, or you will receive no credit for your answers.)
Hi please write everything out legibly thank you
Using the cost function TC 3 10Q+50, and a production function Q KAL, K-85, L 120, determine the following 1. Quantity of output 2. Average product of labor 3. Average product of capital 4. Marginal product of labor 5 Marginal product of capital 6. Fixed cost and average fixed cost 7. Variable cost and Average variable cost 8. Total cost and average total cost 9 If capital rental rater 5 and wage...
5. For the cost function unction C(O) = 100+20 + 30%, the average fixed cost of producing 2 units of output is (Q 10 A 100 B. 50. C. 3. D. 2. w ou are an efficiency expert hired by a manufacturing firm that uses K and Las inputs. The firm produces and sells a given output. If w = $40. r = $100, MP = 20, and MPx = 40 the firme A is cost minimizing B should use...
Suppose a firm has the following production function: Q = 2K L. The marginal product of capital is 2L, and the marginal product of labor is 2K. Assume that capital rents for $100 per unit per day, that labor can be hired for $200 per unit per day, and that the firm is minimizing costs. a. The firm will hire units of labor and - units of capital. b. What is the total cost of producing 60 units of output?...
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