1000 is dividing the Q^2 term only, not the whole equation.
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1000 is dividing the Q^2 term only, not the whole equation.
1. Company X, operating in...
Suppose that the Chengdu Style restaurant sells an amount q of food; the total cost function for ...
Suppose that the Chengdu Style restaurant sells an amount q of food; the total cost function for Chengdu is given by: TC = 1000 + 800q + q2. The quantity (q) demanded for Chengdu Style food is very high. Suppose that it is given by: q = 2000 − pwhere p is the price of food sold at Chengdu. (a) What is the marginal private cost of Chengdu Style? (b) Suppose Chengdu’s clients have several other restaurants to go to...
1. (60 points) Company X is in a perfectly competitive industry and is in long run....
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(a) 100+ 10,000 Q2, in $. Option Il: TFC $6,000,000, TVC(Q) 120+ 25,000 Q2, in $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can...
1. (60 points) Company X is in a perfectly competitive industry and is in long run....
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(a) 100+ 10,000 Q2, in $. Option Il: TFC $6,000,000, TVC(Q) 120+ 25,000 Q2, in $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can...
1. (60 points) Company X is in a perfectly competitive industry and is in long run....
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(a) 100+ 10,000 Q2, in $. Option Il: TFC $6,000,000, TVC(Q) 120+ 25,000 Q2, in $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can...
1. (60 points) Company X is in a perfectly competitive industry and is in long run....
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(Q) 100+ 10,000 Q, in $ Option ll: TFC $3,000,000, TVC(Q) 120+ 25,000 Q2, in $ a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can...
Please solve and show steps Question 1 Pleasesho l laculations to get cr) a. Suppose you...
Please solve and show steps
Question 1 Pleasesho l laculations to get cr) a. Suppose you are the manager of a watchmaking firm operating in competitive market. The price of the watches from the competitive market is p. The firm's cost function is given by TC 450150+202.Find equations for the marginal cost curve, average cost curve, average variable cost curve and the supply function of this firm (all the fixed costs are sunk); draw the supply function clearly showing the...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5 $5 $5 TC $9 $10 $12 $15 $19 $24 $30 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q, level 6, is equal to: $6.00 $3.00 $1.00 $7.00 a company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
1. (60 points) Company X is in a perfectly competitive industry and is in long run....
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(a) 100+10,000 Q, in $. Option ll: TFC : $6,000,000, TVC(Q)-12Qt 25,000 Q. ¡n $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can use...
1. (60 points) Company X is in a perfectly competitive industry and is in long run....
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option 1: TFC-$7,500,000, TVC(Q)-10Q+ 10,000 Q. in $. Option Il: TFC $3,000,000, TVC(a) 120+ 25,000 a2, in $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can use any...
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(a) 100+ 10,000 Q2, in $. Option Il: TFC $6,000,000, TVC(Q) 120+ 25,000 Q2, in $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can...
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(a) 100+ 10,000 Q2, in $. Option Il: TFC $6,000,000, TVC(Q) 120+ 25,000 Q2, in $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can...
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(a) 100+ 10,000 Q2, in $. Option Il: TFC $6,000,000, TVC(Q) 120+ 25,000 Q2, in $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can...
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(Q) 100+ 10,000 Q, in $ Option ll: TFC $3,000,000, TVC(Q) 120+ 25,000 Q2, in $ a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can...
Please solve and show steps
Question 1 Pleasesho l laculations to get cr) a. Suppose you are the manager of a watchmaking firm operating in competitive market. The price of the watches from the competitive market is p. The firm's cost function is given by TC 450150+202.Find equations for the marginal cost curve, average cost curve, average variable cost curve and the supply function of this firm (all the fixed costs are sunk); draw the supply function clearly showing the...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5 $5 $5 TC $9 $10 $12 $15 $19 $24 $30 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q, level 6, is equal to: $6.00 $3.00 $1.00 $7.00 a company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option I: TFC $7,500,000, TVC(a) 100+10,000 Q, in $. Option ll: TFC : $6,000,000, TVC(Q)-12Qt 25,000 Q. ¡n $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can use...
1. (60 points) Company X is in a perfectly competitive industry and is in long run. That is, X has not picked its scale and fixed equipment yet. X has two scale options: Option 1: TFC-$7,500,000, TVC(Q)-10Q+ 10,000 Q. in $. Option Il: TFC $3,000,000, TVC(a) 120+ 25,000 a2, in $. a) (10 points) Plot ATC and MC for both options on the same graph with x-axis representing the quantity and y-axis representing MC and ATC. (You can use any...
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