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For the production function q= 1.2 L0.7 K0.3 with à = 200 find AFC, AVC and...
Consider a firm whose production function is Q = 0.4K0.5 L0.5. Its level of capital is...
Consider a firm whose production function is Q = 0.4K0.5 L0.5. Its level of capital is fixed at 100 units, the price of labor is PL = $4 per unit, and the price of capital is PK = $2 per unit. Given this information, the firm's cost structure is given by: Group of answer choices TFC = 200, TVC = Q2/4, TC = 200 + Q2/4, AFC = 200/Q, AVC = Q/4, ATC = 200/Q + Q/4, MC = Q/2...
1.) Sketch the | AVC, AFC, production short-run and MC function: Tc, vc, F curves for...
1.) Sketch the | AVC, AFC, production short-run and MC function: Tc, vc, F curves for C, ATC, the Q: 3KL where K is ran, with fixed at 2 units in the short r : 3 and w : 2. Q = 312 L 3 (2) +212/6) L=016
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital a...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
In class we considered TC(q) = q^2 + 4. AFC(q) is always decreasing, and AVC(q) is...
In class we considered TC(q) = q^2 + 4. AFC(q) is always decreasing, and AVC(q) is always increasing. Thus, two forces affect average cost: AC(q) = AVC(q) + AFC(q). Is it true that AVC(q) = AFC(q) at the minimum of AC(q) (the two "balance each other")? either prove the result for an arbitrary TC(q) function, or find a counterexample.
Economics Question 1: Question 2: Q FC | VC TC AFC AVC ATC MC 920 475...
Economics
Question 1:
Question 2:
Q FC | VC TC AFC AVC ATC MC 920 475 60 10 What is the AVC at Q=2 equal to? [Type a whole number, no gaps.] FC VC TC AFC AVC ATC MC 920 475 60 What is the ATC at Q=3 equal to? [Type a whole number, no gaps.]
In class we considered TC(q) = q^2 + 4. AFC(q) is always decreasing, and AVC(q) is always increasing. Thus, two forces a...
In class we considered TC(q) = q^2 + 4. AFC(q) is always decreasing, and AVC(q) is always increasing. Thus, two forces affect average cost: AC(q) = AVC(q) + AFC(q). Is it true that AVC(q) = AFC(q) at the minimum of AC(q) (the two "balance each other")? either prove the result for an arbitrary TC(q) function, or find a counterexample.
Given the production function: Q-4(KL)12, w = 16, r-25, and capital is fixed at level Ko....
Given the production function: Q-4(KL)12, w = 16, r-25, and capital is fixed at level Ko. Find the short-run total cost as a fiunction of Q: STCo) a. b. Find the short-run variable cost as a function of Q: VC(O) c. Find the short-run fixed cost as a function of Q: FC(Q) Given fixed cost = $10 and the total cost given belowcompletethetable assumingfixed price of$8.00. Total Product AVC ATC TR Profit AFC TC MC 20 28 lo Io 20...
L K Q VC FC TC AVC AFC ATC MC 0 5 0 0 5 5...
L K Q VC FC TC AVC AFC ATC MC 0 5 0 0 5 5 1 5 2 2 5 7 1.00 2.50 3.50 1.00 2 5 6 4 5 9 0.67 0.83 1.50 0.50 3 5 12 6 5 11 0.50 0.42 0.92 0.33 4 5 19 8 5 13 0.42 0.26 0.68 0.29 5 5 25 10 5 15 0.40 0.20 0.60 0.33 6 5 28 12 5 17 0.43 0.18 0.61 0.67 7 5 29 14...
Suppose that a firm had a production function given by q-21 K The rental rate for...
Suppose that a firm had a production function given by q-21 K The rental rate for the fim is $10 and the wage is s5 Solve the optimization condition for K and then fill in the value that appears in front of L K- Round to the nearest 2 decimal places if necessary.) Suppose that a firm had a production function given by q-L025k075. The wage rate (w) is $10 and the rental rate () is $10 Calculate the amount...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
1.) Sketch the | AVC, AFC, production short-run and MC function: Tc, vc, F curves for C, ATC, the Q: 3KL where K is ran, with fixed at 2 units in the short r : 3 and w : 2. Q = 312 L 3 (2) +212/6) L=016
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
Economics
Question 1:
Question 2:
Q FC | VC TC AFC AVC ATC MC 920 475 60 10 What is the AVC at Q=2 equal to? [Type a whole number, no gaps.] FC VC TC AFC AVC ATC MC 920 475 60 What is the ATC at Q=3 equal to? [Type a whole number, no gaps.]
Given the production function: Q-4(KL)12, w = 16, r-25, and capital is fixed at level Ko. Find the short-run total cost as a fiunction of Q: STCo) a. b. Find the short-run variable cost as a function of Q: VC(O) c. Find the short-run fixed cost as a function of Q: FC(Q) Given fixed cost = $10 and the total cost given belowcompletethetable assumingfixed price of$8.00. Total Product AVC ATC TR Profit AFC TC MC 20 28 lo Io 20...
Suppose that a firm had a production function given by q-21 K The rental rate for the fim is $10 and the wage is s5 Solve the optimization condition for K and then fill in the value that appears in front of L K- Round to the nearest 2 decimal places if necessary.) Suppose that a firm had a production function given by q-L025k075. The wage rate (w) is $10 and the rental rate () is $10 Calculate the amount...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
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