Homework Answers
1.
Estimating the linear cost function. The result is:
The linear cost function is:
TC = -36975.4 + 6776.4*Q
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2.
Estimating the quadratic cost function. The result is:
| SUMMARY OUTPUT | ||||||||||||
| Regression Statistics | ||||||||||||
| Multiple R | 0.99061532 | |||||||||||
| R Square | 0.981318712 | |||||||||||
| Adjusted R Square | 0.979120913 | |||||||||||
| Standard Error | 6653.41549 | |||||||||||
| Observations | 20 | |||||||||||
| ANOVA | ||||||||||||
| df | SS | MS | F | Significance F | ||||||||
| Regression | 2 | 39531334337 | 19765667168 | 446.5007453 | 2.02749E-15 | |||||||
| Residual | 17 | 752554940.7 | 44267937.69 | |||||||||
| Total | 19 | 40283889277 | ||||||||||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | Lower 95.0% | Upper 95.0% | |||||
| Intercept | 18140.1 | 4950.019376 | 3.664652322 | 0.001919656 | 7696.47201 | 28583.72799 | 7696.47201 | 28583.72799 | ||||
| Q | -8255.1 | 1085.615944 | -7.604070341 | 7.23386E-07 | -10545.54943 | -5964.65057 | -10545.54943 | -5964.65057 | ||||
| Q^2 | 715.7857143 | 50.21481406 | 14.25447306 | 6.93302E-11 | 609.8417173 | 821.7297112 | 609.8417173 | 821.7297112 | ||||
The quadratic cost function is:
TC = 18140.1 - 8255.1*Q + 715.7857143*Q^2
-------------------------------------------------------------------------------------------------------------------------------------------
3.
Estimating the cubic cost function. The result is:
| TC | Q | Q^2 | Q^3 | SUMMARY OUTPUT | |||||||||
| 11 | 1 | 1 | 1 | ||||||||||
| 32 | 2 | 4 | 8 | Regression Statistics | |||||||||
| 93 | 3 | 9 | 27 | Multiple R | 0.999866453 | ||||||||
| 248 | 4 | 16 | 64 | R Square | 0.999732923 | ||||||||
| 575 | 5 | 25 | 125 | Adjusted R Square | 0.999682846 | ||||||||
| 1176 | 6 | 36 | 216 | Standard Error | 820.0186757 | ||||||||
| 2177 | 7 | 49 | 343 | Observations | 20 | ||||||||
| 3728 | 8 | 64 | 512 | ||||||||||
| 6003 | 9 | 81 | 729 | ANOVA | |||||||||
| 9200 | 10 | 100 | 1000 | df | SS | MS | F | Significance F | |||||
| 13541 | 11 | 121 | 1331 | Regression | 3 | 40273130387 | 13424376796 | 19963.95795 | 8.64141E-29 | ||||
| 19272 | 12 | 144 | 1728 | Residual | 16 | 10758890.06 | 672430.6286 | ||||||
| 26663 | 13 | 169 | 2197 | Total | 19 | 40283889277 | |||||||
| 36008 | 14 | 196 | 2744 | ||||||||||
| 47625 | 15 | 225 | 3375 | Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | Lower 95.0% | Upper 95.0% | ||
| 61856 | 16 | 256 | 4096 | Intercept | -3643.2 | 895.7325111 | -4.067285663 | 0.00089599 | -5542.068097 | -1744.331903 | -5542.068097 | -1744.331903 | |
| 79067 | 17 | 289 | 4913 | Q | 2860 | 360.4095931 | 7.935415856 | 6.15941E-07 | 2095.965794 | 3624.034206 | 2095.965794 | 3624.034206 | |
| 99648 | 18 | 324 | 5832 | Q^2 | -575.7142857 | 39.37387511 | -14.62173292 | 1.11999E-10 | -659.1831722 | -492.2453992 | -659.1831722 | -492.2453992 | |
| 124013 | 19 | 361 | 6859 | Q^3 | 41 | 1.2344268 | 33.21379608 | 3.44914E-16 | 38.38313209 | 43.61686791 | 38.38313209 | 43.61686791 | |
| 152600 | 20 | 400 | 8000 | ||||||||||
The cubic cost function is:
TC = -3643.2 + 2860*Q - 575.7142857*Q^2 + 41*Q^3
-------------------------------------------------------------------------------------------------------------------------------------------
4.
The quadratic equation is a reasonably sound cost equation.
As, it corresponds with the economic theory, that even at the zero levels of output, the firm incurs positive costs, also known as fixed costs.
Thus, TC = 18140.1 - 8255.1*Q + 715.7857143*Q^2
FC = Fixed Cost = 18140.1
VC = Variable Cost = - 8255.1*Q + 715.7857143*Q^2
AVC = VC / Q = -8255.1 + 715.7857143*Q
AC = TC / Q = (18140.1/Q) -8255.1 + 715.7857143*Q
MC = dTC/dQ = - 8255.1 + 1431.6*Q
The minimum of AVC:
dAVC/dQ = 715.7857143 > 0
Thus, the minimum of AV
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how can I fix these errors
this is my code
main.cpp
#include "SpecialArray.h"
#include <iostream>
#include <fstream>
#include <string>
using namespace std;
int measureElementsPerLine(ifstream& inFile) {
// Add your code here.
string line;
getline(inFile, line);
int sp = 0;
for (int i = 0; i < line.size(); i++)
{
if (line[i] == ' ')
sp++;
}
sp++;
return sp;
}
int measureLines(ifstream& inFile) {
// Add your code here.
string line;
int n = 0;
while (!inFile.eof())
{
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1. estimate a linear cost function
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How to calculate the Total Cost (TC), Average Fixed Cost
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1. The schedule below gives the Total Variable Cost (TVC) for producing various quantities of smurfs (smurfs are an input into cat food production). The Total Fixed Costs (TFC) is $100. Calculate the following and fill in the blanks: Total Cost (TC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC). Cost Schedule for...
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C++
how can I fix these errors
this is my code
main.cpp
#include "SpecialArray.h"
#include <iostream>
#include <fstream>
#include <string>
using namespace std;
int measureElementsPerLine(ifstream& inFile) {
// Add your code here.
string line;
getline(inFile, line);
int sp = 0;
for (int i = 0; i < line.size(); i++)
{
if (line[i] == ' ')
sp++;
}
sp++;
return sp;
}
int measureLines(ifstream& inFile) {
// Add your code here.
string line;
int n = 0;
while (!inFile.eof())
{
getline(inFile,...
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