Suppose the firm's total cost and marginal cost functions are given by TC = 64 +...
Suppose the firm's total cost and marginal cost functions are given by TC = 54 + Q + 2Q3 and MC = 1 + 4Q2, respectively. What is the output level that minimizes average total cost? 2 3 6 8
Suppose the firm’s total cost and marginal cost functions are given by TC=54+Q+2Q^3 and MC=1+4Q^2, respectively. What is the output level that minimizes average total cost? A. 2 B. 3 C. 6 D. 8
suppose a firm's total cost of production (TC) is tc=2Q^2 mc=4Q Suppose a firm's total cost of production (TC) is TC = 20 MC = 40 What do the firm's average total cost curve, average variable cost curve, and marginal cost curve look like? Draw the following curves from 0 to 5 units of output. 1.) Using the line drawing tool.graph the firm's average total cost curve and label it ATC 2.) Using the line drawing tool, graph the firm's...
Q: Suppose a firm's total cost function is TC = 16 + 5Q + 4Q2 . What is the output level that minimizes average total cost?
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions: TR = 10Q TC = 2 + 2Q + Q2 MC = 2 + 2Q At the level of output maximizing profit , the above firm's level of economic profit is A) $0 B) $4 C) $6 D) $8 *Additional information after I did the math: The price this firm charges for its product is $10, the level of output maximizing profit is 4...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm's product is $9. a. What level of output will the firm produce? b. What is the firm's producer surplus? c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm's fixed costs are known to be $3. Will the firm...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 6 +29. Assume that the market price (P) of the firm's product is $18. What level of output (q) will the firm produce? The firm will produce 6.00 units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ 36.00. (Enter your response rounded to two decimal places.) Suppose that the average...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 3 + 2q. Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ . (Enter your response rounded to two decimal places.) Suppose that the average...
Given the following information for a monopoly firm: Demand: P = 64-4(Q) Marginal revenue: MR = 64 - 8(Q) Marginal cost: MC = 2(0)+10 Average total cost at equilibrium is 30 1. At what output (Q) will this firm maximize profit? 2. At what price (P) will this firm maximize profit 3. What is the total revenue (TR) earned at this output level 4. What is the total cost (TC) accrued at this output 5. What profit is earned Assume...
Suppose total cost of a particular firm is given by TC=Q3-60Q2+910Q+150; marginal cost is MC=3Q2-120Q+910: Find expressions for total fixed cost, total variable cost, average total cost, and average variable cost. At what output level is average variable cost minimized?