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15. Suppose the production function is given RVL I shott-run cap is 52, and rental rate...
A price-taker firm has a short run total cost function given by: TC=1.2+5q+0.3q2. Calculate the short...
A price-taker firm has a short run total cost function given by: TC=1.2+5q+0.3q2. Calculate the short run price at which this profit- maximizing, price taker would shutdown in the short run. (Do not include a "$" sign in your response.) Answer:
Assume a firm's short-run total cost function is STC = (1/3)q3 – 4q2 + 22q...
Assume a firm's short-run total cost function is STC = (1/3)q3 – 4q2 + 22q + 100. a. Determine the output level at which it maximizes profits if p = 10. b. Is the firm earning a pure profit, normal profit or operating at a loss?
I ONLY WANT ANSWERS TO LETTERS "i" and "j" 4) Start with the following production function:...
I ONLY WANT ANSWERS TO LETTERS "i" and "j"
4) Start with the following production function: q=10K1/2 [1/2 a) Calculate the cost minimizing amounts of K and L (Hint: K and L* will be functions of q, v and w) b) Compute the TC function (Hint: TC will be functions of q, v and w) c) Compute the TC function if w = v = $4. (Hint: TC will now be function only of q) d) If K is fixed...
2. Assume that a monopolists sells a product in the short- run with a total cost function STC(Q)-...
Please write essential steps and clear writing
2. Assume that a monopolists sells a product in the short- run with a total cost function STC(Q)- 108 125 + 440 Q2 Q >0 The market demand curve is given by the equation P(Q)80- 2Q (a) Find the marginal cost for the firm. (b) Find the profit-maximizing output and price (P", (c) What are the monopolists profits? (d) Does the monopolist want to stay in business?
2. Assume that a monopolists sells...
A firm producing hockey sticks has a production function given by . In the short run,...
A firm producing hockey sticks has a production function given
by
. In the short run, the firm's amount of capital equipment is
fixed at K = 100. The rental rate for K is $1 and the wage rate for
L is $4.
a. What is the firm's fixed rate cost?
b. What is the firm's total cost function, TC(Q)?
2LK
Short-Run Firm Supply. Florida is the biggest sugar-producing state, but Michigan and Minnesota are home to...
Short-Run Firm Supply. Florida is the biggest sugar-producing state, but Michigan and Minnesota are home to thousands of sugar beet growers. Sugar prices in the United States average about 20¢ per pound, or more than double the worldwide average of less than 10¢ per pound given import quotas that restrict imports to about 15 percent of the U.S. market. Still, the industry is perfectly competitive for U.S. growers who take the market price of 20¢ as fixed. Thus, P =...
Cafe Caffe sells its product at a price of €5 each (the demand curve is horizontal...
Cafe Caffe sells its product at a price of €5 each (the demand curve is horizontal at this price). Its total and marginal cost functions are: TC = 50 – q + 0.0192 MC = -1+0.02, where TC and MC are measured in €, and q is the output rate. (a) Determine the output rate that maximizes profit or minimizes losses in the short run. (b) Calculate the profit earned at the output level you calculated in (a). (c) Suppose...
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...
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...
Suppose that a firm has a short run, total cost function given by: TC= 1089 +10q...
Suppose that a firm has a short run, total cost function given by: TC= 1089 +10q +9q2. 1. Determine the profit-maximizing quantity of production when price is $244. _____________________________________ q= 13 2. Calculate the price at which this firm breaks even (i.e. profit = $0). _____________________________________ $208 3. Calculate the price at which this firm shuts down in the short run. _____________________________________ $10 The answers are given but can you show how to get them step by step.
A price-taker firm has a short run total cost function given by: TC=1.2+5q+0.3q2. Calculate the short run price at which this profit- maximizing, price taker would shutdown in the short run. (Do not include a "$" sign in your response.) Answer:
I ONLY WANT ANSWERS TO LETTERS "i" and "j"
4) Start with the following production function: q=10K1/2 [1/2 a) Calculate the cost minimizing amounts of K and L (Hint: K and L* will be functions of q, v and w) b) Compute the TC function (Hint: TC will be functions of q, v and w) c) Compute the TC function if w = v = $4. (Hint: TC will now be function only of q) d) If K is fixed...
Please write essential steps and clear writing
2. Assume that a monopolists sells a product in the short- run with a total cost function STC(Q)- 108 125 + 440 Q2 Q >0 The market demand curve is given by the equation P(Q)80- 2Q (a) Find the marginal cost for the firm. (b) Find the profit-maximizing output and price (P", (c) What are the monopolists profits? (d) Does the monopolist want to stay in business?
2. Assume that a monopolists sells...
A firm producing hockey sticks has a production function given
by
. In the short run, the firm's amount of capital equipment is
fixed at K = 100. The rental rate for K is $1 and the wage rate for
L is $4.
a. What is the firm's fixed rate cost?
b. What is the firm's total cost function, TC(Q)?
2LK
Short-Run Firm Supply. Florida is the biggest sugar-producing state, but Michigan and Minnesota are home to thousands of sugar beet growers. Sugar prices in the United States average about 20¢ per pound, or more than double the worldwide average of less than 10¢ per pound given import quotas that restrict imports to about 15 percent of the U.S. market. Still, the industry is perfectly competitive for U.S. growers who take the market price of 20¢ as fixed. Thus, P =...
Cafe Caffe sells its product at a price of €5 each (the demand curve is horizontal at this price). Its total and marginal cost functions are: TC = 50 – q + 0.0192 MC = -1+0.02, where TC and MC are measured in €, and q is the output rate. (a) Determine the output rate that maximizes profit or minimizes losses in the short run. (b) Calculate the profit earned at the output level you calculated in (a). (c) Suppose...
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...
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...
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