Homework Answers
a)
Long run cost will be equal to minimum cost at each output level.
Let us caluclate the output where SRTC1
SRTC2
3Q100+Q
2Q100
Q50
So, Long run total cost function is given as
LTRC=3Q for Q50
LRTC=100+Q for Q>50
b)
In case Q=10
LRTC=3Q
Long run marginal cost=LRMC=dLRTC/dQ=3
In case Q=100
LTRC=100+Q
Long run marginal cost=LRMC=dLRTC/dQ=1
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2) Suppose that there are there are two different short run total cost curves that are...
Need help as soon as possible 1. Short Run Cost Curves: Consider two firms, producing different...
Need help as soon as possible
1. Short Run Cost Curves: Consider two firms, producing different products, with the following production functions: q=5KL (1) q=5(KL)-S (2) a. For a short-run situation in which K=100, and given wage = 3 and cost of capital = 1, derive expressions short run total cost for each production function. (Start by using the production function to develop an expression for Lin terms of q, and then substitute that, and the given parameters, into the...
Answer part (A) please 1. Short Run Cost Curves: Consider two firms, producing different products, with...
Answer part (A) please
1. Short Run Cost Curves: Consider two firms, producing different products, with the following production functions: (1) q-5KL q=5(KL)5 (2) a. For a short-run situation in which K=100, and given wage 3 and cost of capital 1, derive expressions short run total cost for each production function. (Start by using the production function to develop an expression for L in terms of q, and then substitute that, and the given parameters, into the generic expression for...
Short Run Cost Curves: Consider two firms, producing different products, with the following production functions: q=5KL...
Short Run Cost Curves: Consider two firms, producing different products, with the following production functions: q=5KL (1) q=5(KL).5 (2) a. For a short-run situation in which K=100, and given wage = 3 and cost of capital = 1, derive expressions short run total cost for each production function. (Start by using the production function to develop an expression for L in terms of q, and then substitute that, and the given parameters, into the generic expression for Total Cost =...
Cost curves, profits/losses, and long-run equilibrium: a. Draw typical short run average cost and marginal cost...
Cost curves, profits/losses, and long-run equilibrium: a. Draw typical short run average cost and marginal cost curves for a firm (costs on the vertical axis, q on the horizontal axis), such that marginal cost = average cost= 6 at q=10. b. Suppose this firm operates as a perfect competitor in a market with a short run equilibrium price of $5. Illustrate on your graph the area indicating the short run profit or loss experienced by this firm, given the cost...
The following graph shows the short-run average total cost curves and the long-run average total cost...
The following graph shows the short-run average total cost
curves and the long-run average total cost curve for a publishing
firm. The five marked quantities indicate points of tangency
between each short-run average total cost curve ( SRATC ) and the
long-run average total cost curve ( LRATC ); for example, Q1 marks
the point of tangency between SRATC1 and LRATC .
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average...
The following graph shows the short run total cost curves and the long tun total cost...
The
following graph shows the short run total cost curves and the long
tun total cost curves for a publishing firm. the five marked
quantities indicate points of tangency between each short run
average total cost curve and the long run average cost curve.
could someone please help me to answer this and give a little
explenation for my similar problems?
6. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average cost...
The following graph shows the short-run average total cost curves and the long-run average total cost...
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Qı marks the point of tangency between SRATC1 and LRATC The orange point on SRATC, indicates the firm's current output level in the short run(Q). SRATC, SRATCE SRATC SRATC, SRATC COST PERUNT OUTPUT...
Q2 please！ (ii) Does the slope of your long-run total cost curve correspond to your (iii)...
Q2 please！
(ii) Does the slope of your long-run total cost curve correspond to your (iii) Explain why, at any output level, the long-run total cost is always less than prediction in Part (2) or equal to the short-run total cost. Long-run marginal cost curve On Curve Sheet C, draw the long-run marginal cost curve. (7) (8) (i) (ii) Long-run average cost. On the attached Curve Sheet C, draw the long-run average cost curve. Explain why, at any output level,...
10. Long-run cost relationships The following graph shows the short-run average total cost curves and the...
10. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRATC); for example, Q, marks the point of tangency between ATC, and LRATC. The orange point on ATC3 indicates the firm's current output level in the short run (0). ATC AT LRA...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average total cost curve for a firm. Cost Curves 11 10 - 9 LRATC SRATC SRMC SRATC SRMC Per unit costs SRATO SRMC . 10 10 Quantity Which cost curves represent an efficient firm producing where there are diseconomies of scale? (Click to select) | Which cost curves represent an efficient firm producing where there are economies of scale? (Click to select) Which cost curves...
Need help as soon as possible
1. Short Run Cost Curves: Consider two firms, producing different products, with the following production functions: q=5KL (1) q=5(KL)-S (2) a. For a short-run situation in which K=100, and given wage = 3 and cost of capital = 1, derive expressions short run total cost for each production function. (Start by using the production function to develop an expression for Lin terms of q, and then substitute that, and the given parameters, into the...
Answer part (A) please
1. Short Run Cost Curves: Consider two firms, producing different products, with the following production functions: (1) q-5KL q=5(KL)5 (2) a. For a short-run situation in which K=100, and given wage 3 and cost of capital 1, derive expressions short run total cost for each production function. (Start by using the production function to develop an expression for L in terms of q, and then substitute that, and the given parameters, into the generic expression for...
The following graph shows the short-run average total cost
curves and the long-run average total cost curve for a publishing
firm. The five marked quantities indicate points of tangency
between each short-run average total cost curve ( SRATC ) and the
long-run average total cost curve ( LRATC ); for example, Q1 marks
the point of tangency between SRATC1 and LRATC .
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average...
The
following graph shows the short run total cost curves and the long
tun total cost curves for a publishing firm. the five marked
quantities indicate points of tangency between each short run
average total cost curve and the long run average cost curve.
could someone please help me to answer this and give a little
explenation for my similar problems?
6. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average cost...
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Qı marks the point of tangency between SRATC1 and LRATC The orange point on SRATC, indicates the firm's current output level in the short run(Q). SRATC, SRATCE SRATC SRATC, SRATC COST PERUNT OUTPUT...
Q2 please！
(ii) Does the slope of your long-run total cost curve correspond to your (iii) Explain why, at any output level, the long-run total cost is always less than prediction in Part (2) or equal to the short-run total cost. Long-run marginal cost curve On Curve Sheet C, draw the long-run marginal cost curve. (7) (8) (i) (ii) Long-run average cost. On the attached Curve Sheet C, draw the long-run average cost curve. Explain why, at any output level,...
10. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRATC); for example, Q, marks the point of tangency between ATC, and LRATC. The orange point on ATC3 indicates the firm's current output level in the short run (0). ATC AT LRA...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average total cost curve for a firm. Cost Curves 11 10 - 9 LRATC SRATC SRMC SRATC SRMC Per unit costs SRATO SRMC . 10 10 Quantity Which cost curves represent an efficient firm producing where there are diseconomies of scale? (Click to select) | Which cost curves represent an efficient firm producing where there are economies of scale? (Click to select) Which cost curves...
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