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Given fixed cost-$10 and the total cost given below complete the table assuming fixed price of...
2. Determine the returns to scale of the following functions. Show your work. a) Q=4K +...
2. Determine the returns to scale of the following functions. Show your work. a) Q=4K + 3L b) Q= 2KL c) Q 10K/L Given fixed cost = $10 and the total cost given belowcompletethetable assumingfixed price of$8.00. Total Product AVC ATC TR Profit AFC TC MC 20 28 lo Io 20 -12 lG 24 -12 3.13 2.5 36 40 48 58 72 90 110 2o 9 4o 48 I.cc 87 8.28 ty 25225 一 s0 . 30 10 10
Given the production function: Q-4(KL)12, w = 16, r-25, and capital is fixed at level Ko....
Given the production function: Q-4(KL)12, w = 16, r-25, and capital is fixed at level Ko. Find the short-run total cost as a fiunction of Q: STCo) a. b. Find the short-run variable cost as a function of Q: VC(O) c. Find the short-run fixed cost as a function of Q: FC(Q) Given fixed cost = $10 and the total cost given belowcompletethetable assumingfixed price of$8.00. Total Product AVC ATC TR Profit AFC TC MC 20 28 lo Io 20...
Name 4. For the following cost function: TC(Q)-10+20+40, find the following A. Fixed cost B. Variable...
Name 4. For the following cost function: TC(Q)-10+20+40, find the following A. Fixed cost B. Variable cost C. Average fixed cost D. Average variable cost E. Average total cost Given the production function: Q = 4(KL)n, w = 16, r-25, and capital is fixed at level Ka. a. Find the short-run total cost as a function of Q: STC(Q) b. Find the short-run variable cost as a function of Q: VC(o) c. Find the short-run fixed cost as a function...
Assume the following cost data are for a purely competitive producer: Total Average Average Product Fixed...
Assume the following cost data are for a purely competitive producer: Total Average Average Product Fixed Cost Variable Cost Average Total Cost Marginal Cost COVOAN $60.00 30.00 20.00 15.00 12.00 10.00 8.57 7.50 6.67 6.00 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 $45.00 40.00 35.00 30.00 35.00 40.00 45.00 55.00 65.00 75.00 Answer the following questions (a - c) using the table above. Instructions: 1. For any...
Use the following information to answer the market, at a price of Sé each. The fim...
Use the following information to answer the market, at a price of Sé each. The fim has a fixed cost ofiowing table. Name remaining questions: A firm sells a product in a perfectly competitive Output AFC AVC TC TR Profit MarginalMarginal Revenue Cost 1O -G 24 18 vcfa R-TC 17. In the short-run, what level of output does the firm maximizes profit? 18. Is this firm open or closed in the short-run? 19. In the long-run, how much does this...
Figure 1 7. Referring to Figure 1, if the market price was Ps, the profit- maximizing...
Figure 1 7. Referring to Figure 1, if the market price was Ps, the profit- maximizing (or loss-minimizing) firm will: A. shut down in the short run and incur a loss equal to area P PsAK B. produce output qs, resulting in total revenue equal to area 0PsEqs. total cost equal to area OPsEqs and zero economic profits produce output q, resulting in total revenue equal to area 0PsBq total cost equal to area OP:Fqs and economic profits equal to...
Assume the following cost data are for a purely competitive producer: Average Product Fixed Cost Variable...
Assume the following cost data are for a purely competitive producer: Average Product Fixed Cost Variable Cost Total Cost Average Average Marginal Total Cost $60.00 $45.00 $105,00 $45.00 1 72.50 2 30.00 42.50 40.00 3 20.00 40.00 60.00 35.00 30.00 15.00 37.50 52.50 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 8.57 7 38.57 47.14 45.00 7.50 40.63 48.13 50.00 55.00 9 6.67 43.33 65.00 10 6.00 46.50 52.50 75.00 Answer the following questions (a - c) using...
Table: Demand and Total Cost Table: Demand and Total Cost Quantity Price per (megawatts) Megawatt Total...
Table: Demand and Total Cost Table: Demand and Total Cost Quantity Price per (megawatts) Megawatt Total Cost $550 $1.000 500 1.075 450 1.200 1.375 350 1.600 300 1.875 250 2200 2.575 400 200 Use Table: Demand and Total Cost. Lenoia runs a natural monopoly firm producing electricity for a small mountain village. The table shows Lenoia's demand and total cost of producing electricity. The profit-maximizing quantity of electricity for her to produce is megawatts. O2 os Figure: The Monopolist Price,...
(43) Assume a single firm in a purely competitive industry has short-run production costs as indi...
(43) Assume a single firm in a purely competitive industry has short-run production costs as indicated in the following table. Answer questions a through c using the data from this table. TVC-Total variable Costs. TC=Total Costs: AFC=Average Fixed Costs; AVC=Average Variable Costs; ATC-Average Total Costs; MC-Marginal Costs Total Output Total Variable Cost $ TVC TC 0 $5.00 $8.00 $10.00 $11.00 $13.00 $16.00 $20.00 Total Cost $ Average Average Average Total Cost Cost $ MC Marginal Fixed CosVariable $ AFC Cost...
You are given the following cost data: Total fixed costs are $30. q TVC 0 0...
You are given the following cost data: Total fixed costs are $30. q TVC 0 0 1 30 2 60 3 105 4 165 5 255 6 375 If the price of output is $60, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce nothing units of output because this is where price equals ▼ average variable cost marginal cost average fixed cost ....
2. Determine the returns to scale of the following functions. Show your work. a) Q=4K + 3L b) Q= 2KL c) Q 10K/L Given fixed cost = $10 and the total cost given belowcompletethetable assumingfixed price of$8.00. Total Product AVC ATC TR Profit AFC TC MC 20 28 lo Io 20 -12 lG 24 -12 3.13 2.5 36 40 48 58 72 90 110 2o 9 4o 48 I.cc 87 8.28 ty 25225 一 s0 . 30 10 10
Given the production function: Q-4(KL)12, w = 16, r-25, and capital is fixed at level Ko. Find the short-run total cost as a fiunction of Q: STCo) a. b. Find the short-run variable cost as a function of Q: VC(O) c. Find the short-run fixed cost as a function of Q: FC(Q) Given fixed cost = $10 and the total cost given belowcompletethetable assumingfixed price of$8.00. Total Product AVC ATC TR Profit AFC TC MC 20 28 lo Io 20...
Name 4. For the following cost function: TC(Q)-10+20+40, find the following A. Fixed cost B. Variable cost C. Average fixed cost D. Average variable cost E. Average total cost Given the production function: Q = 4(KL)n, w = 16, r-25, and capital is fixed at level Ka. a. Find the short-run total cost as a function of Q: STC(Q) b. Find the short-run variable cost as a function of Q: VC(o) c. Find the short-run fixed cost as a function...
Assume the following cost data are for a purely competitive producer: Total Average Average Product Fixed Cost Variable Cost Average Total Cost Marginal Cost COVOAN $60.00 30.00 20.00 15.00 12.00 10.00 8.57 7.50 6.67 6.00 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 $45.00 40.00 35.00 30.00 35.00 40.00 45.00 55.00 65.00 75.00 Answer the following questions (a - c) using the table above. Instructions: 1. For any...
Use the following information to answer the market, at a price of Sé each. The fim has a fixed cost ofiowing table. Name remaining questions: A firm sells a product in a perfectly competitive Output AFC AVC TC TR Profit MarginalMarginal Revenue Cost 1O -G 24 18 vcfa R-TC 17. In the short-run, what level of output does the firm maximizes profit? 18. Is this firm open or closed in the short-run? 19. In the long-run, how much does this...
Figure 1 7. Referring to Figure 1, if the market price was Ps, the profit- maximizing (or loss-minimizing) firm will: A. shut down in the short run and incur a loss equal to area P PsAK B. produce output qs, resulting in total revenue equal to area 0PsEqs. total cost equal to area OPsEqs and zero economic profits produce output q, resulting in total revenue equal to area 0PsBq total cost equal to area OP:Fqs and economic profits equal to...
Assume the following cost data are for a purely competitive producer: Average Product Fixed Cost Variable Cost Total Cost Average Average Marginal Total Cost $60.00 $45.00 $105,00 $45.00 1 72.50 2 30.00 42.50 40.00 3 20.00 40.00 60.00 35.00 30.00 15.00 37.50 52.50 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 8.57 7 38.57 47.14 45.00 7.50 40.63 48.13 50.00 55.00 9 6.67 43.33 65.00 10 6.00 46.50 52.50 75.00 Answer the following questions (a - c) using...
Table: Demand and Total Cost Table: Demand and Total Cost Quantity Price per (megawatts) Megawatt Total Cost $550 $1.000 500 1.075 450 1.200 1.375 350 1.600 300 1.875 250 2200 2.575 400 200 Use Table: Demand and Total Cost. Lenoia runs a natural monopoly firm producing electricity for a small mountain village. The table shows Lenoia's demand and total cost of producing electricity. The profit-maximizing quantity of electricity for her to produce is megawatts. O2 os Figure: The Monopolist Price,...
(43) Assume a single firm in a purely competitive industry has short-run production costs as indicated in the following table. Answer questions a through c using the data from this table. TVC-Total variable Costs. TC=Total Costs: AFC=Average Fixed Costs; AVC=Average Variable Costs; ATC-Average Total Costs; MC-Marginal Costs Total Output Total Variable Cost $ TVC TC 0 $5.00 $8.00 $10.00 $11.00 $13.00 $16.00 $20.00 Total Cost $ Average Average Average Total Cost Cost $ MC Marginal Fixed CosVariable $ AFC Cost...
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