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1. An entrepreneur's short-run total cost function is C3 10q217q +66 (1) Determine the output level...
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?
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by...
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by C(q) = 5+2q+9. The market price is $10. (a) What is the profit-maximizing output level for this firm? (b) What is the firm's total revenue and profits at the profit-maximizing output? (c) What is the minimum price at which the firm will produce a positive level of output in the short run?
given the data in the table belowwhat is the short run profit maximizing level of output...
given the data in the table belowwhat is the short run profit
maximizing level of output
Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm? Output Total Revenue Total Cost 16 20 Multiple Choice 5 units 3 units
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...
3. The following table gives the short-run and long-run total cost for various levels of output...
3. The following table gives the short-run and long-run total cost for various levels of output of Consolidated National Aeme, Inc. Q TC: TC TFC TVC AFC AVC MC 0 0 350 300 400 400 435 465 465 495 505 5 560 560 6 600 635 7 700 735 a. Which column, TCi or TC2, represents a long-run total cost, and which represents a short-run total cost? How do you know? b. For each level of output, find short-run TFC,...
The short-run average cost of producing a given level of output (a) is no greater than...
The short-run average cost of producing a given level of output (a) is no greater than the long-run average cost because in the long run an input which is fixed in the short run can be adjusted optimally (b) is not approximately constant near its minimum (c) does not depend on the output level in question (d) is no less than the long-run average cost because in the long run an input which is fixed in the short run can...
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.
5. (5 pts.) A firm has the following short run total cost function: STC = 900...
5. (5 pts.) A firm has the following short run total cost function: STC = 900 + 500 -2.7Q2 + 0.045Q a. Write equations for AFC, AVC, and MC. b. What level of output minimizes AVC (find Q)? c. What do you expect to be different about cost function in the long run? (2 pts.)
for context: Problem 1 Consider the production function + (e) Plot the long-run and short-run marginal...
for context:
Problem 1 Consider the production function + (e) Plot the long-run and short-run marginal cost curves. (f) At the point at which they intersect, is the long-run supply curve or the short-run supply curve more elastic? Problem 1 Consider the production function + (a) Assume for parts (a)-(d) that we are in the long run. Suppose the factor prices are wi = wy = 1. Show that the cost function is equal to (b) Suppose the market price...
10. For any output level, the short-run cost must be - the long-run cost.
10. For any output level, the short-run cost must be - the long-run cost.
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by C(q) = 5+2q+9. The market price is $10. (a) What is the profit-maximizing output level for this firm? (b) What is the firm's total revenue and profits at the profit-maximizing output? (c) What is the minimum price at which the firm will produce a positive level of output in the short run?
given the data in the table belowwhat is the short run profit
maximizing level of output
Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm? Output Total Revenue Total Cost 16 20 Multiple Choice 5 units 3 units
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...
3. The following table gives the short-run and long-run total cost for various levels of output of Consolidated National Aeme, Inc. Q TC: TC TFC TVC AFC AVC MC 0 0 350 300 400 400 435 465 465 495 505 5 560 560 6 600 635 7 700 735 a. Which column, TCi or TC2, represents a long-run total cost, and which represents a short-run total cost? How do you know? b. For each level of output, find short-run TFC,...
5. (5 pts.) A firm has the following short run total cost function: STC = 900 + 500 -2.7Q2 + 0.045Q a. Write equations for AFC, AVC, and MC. b. What level of output minimizes AVC (find Q)? c. What do you expect to be different about cost function in the long run? (2 pts.)
for context:
Problem 1 Consider the production function + (e) Plot the long-run and short-run marginal cost curves. (f) At the point at which they intersect, is the long-run supply curve or the short-run supply curve more elastic? Problem 1 Consider the production function + (a) Assume for parts (a)-(d) that we are in the long run. Suppose the factor prices are wi = wy = 1. Show that the cost function is equal to (b) Suppose the market price...
10. For any output level, the short-run cost must be - the long-run cost.
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