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When a company is producing 2000 items its average cost is $40.00 per item, and its...
The cost of producing q items is C(q) = 2500+ 18q dollars. (a) What is the...
The cost of producing q items is C(q) = 2500+ 18q dollars. (a) What is the marginal cost of producing the 100th item? the 1000th item? The marginal cost to produce the 100th unit is $ The marginal cost to produce the 1000th unit is $ (b) What is the average cost of producing 100 items? 1000 items? The average cost of producing 100 units is $ per unit. The average cost of producing 1000 units is $ per unit.
You are the CEO of a crude oil producing company. Through your staff, you have complete...
You are the CEO of a crude oil producing company. Through your staff, you have complete cost information. At this current production level, 2000 barrels per day, your marginal cost of a barrel of crude is $35 with an average variable cost of $30 and average total cost of $40. What is your daily profit or loss? Show your calculation. Should you stay at this level of production or increase or decrease production? Explain your position clearly. What do you...
QUESTION 4 When production is 2000, marginal revenue is $20 per unit and marginal cost is...
QUESTION 4 When production is 2000, marginal revenue is $20 per unit and marginal cost is $22.25 per unit. Do you expect maximum profit to occur at a production level above or below 2000? Since marginal revenue is less than marginal cost around q = 2000, as you produce more of the product your revenue increases slower than your costs, so profit decreases, and maximal profit will occur at a production level below 2000. The profit function is not given,...
13) When Comfy Cots produces 40 cots per day, its average variable cost is $600, its average total cost is $800, an...
13) When Comfy Cots produces 40 cots per day, its average variable cost is $600, its average total cost is $800, and its marginal cost is $700. When Comfy Cots increased production from 39 to 40 cots per day: its average total cost remained constant. its average total cost rose. its average total cost fell. there is no way to tell whether average total cost rose or fell.
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
When marginal cost of production rises above the average total cost of production, we know that:...
When marginal cost of production rises above the average total cost of production, we know that: A. the firm has economies of scale B. average total cost is decreasing C. marginal cost is negative D. average total cost is increasing Average total cost curves are usually depicted as downward sloping at low levels of output because: A. Average fixed costs are declining B. Opportunity costs decline as output (Q) increases C. Average fixed...
A cost function, C(x), is given below. Find the average cost per item when the required...
A cost function, C(x), is given below. Find the average cost per item when the required number of items are produced. C(x)=28x+1300 50 items
help study The cost of producing teddy bears per day at the Cuddly Companion Co. is...
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The cost of producing teddy bears per day at the Cuddly Companion Co. is calculated by the company's marketing staff to be given by the formula C (2) = 100 + 40.2 -0.00122 Find the marginal cost function, and use it to estimate how fast the cost is going up at a production level of 100 teddy bears. When you produce 100 teddy bears, the cost is increasing at a rate of $ per teddy bear. Find the...
A business is currently producing a = 400 units of its product per month. Assume the...
A business is currently producing a = 400 units of its product per month. Assume the following is true: Its costs are C(400) = 8500, and the marginal cost is MC(400) = 10. . Its revenues are R(400) = 8800, and the marginal revenue is MR(400) = 22. (a) (6 points) Which of the following statements is true when production is at q = 400 units? (List the letters of all that apply - you do not need to explain...
The table shows the marginal cost C'(x), the marginal revenue R'(x) for producing x items. The...
The table shows the marginal cost C'(x), the marginal revenue R'(x) for producing x items. The third column, P'(x), is partially completed. All values are in dollars per item. (a) Complete the remaining entries in the third column. (b) What does the table tell you about the revenue function? (c) Find the production level that maximizes profit. P'(x) -21 O 43 NOT 64 10 43 43 40 16 43 70 43 43 90208143 43 - 165
The cost of producing q items is C(q) = 2500+ 18q dollars. (a) What is the marginal cost of producing the 100th item? the 1000th item? The marginal cost to produce the 100th unit is $ The marginal cost to produce the 1000th unit is $ (b) What is the average cost of producing 100 items? 1000 items? The average cost of producing 100 units is $ per unit. The average cost of producing 1000 units is $ per unit.
QUESTION 4 When production is 2000, marginal revenue is $20 per unit and marginal cost is $22.25 per unit. Do you expect maximum profit to occur at a production level above or below 2000? Since marginal revenue is less than marginal cost around q = 2000, as you produce more of the product your revenue increases slower than your costs, so profit decreases, and maximal profit will occur at a production level below 2000. The profit function is not given,...
13) When Comfy Cots produces 40 cots per day, its average variable cost is $600, its average total cost is $800, and its marginal cost is $700. When Comfy Cots increased production from 39 to 40 cots per day: its average total cost remained constant. its average total cost rose. its average total cost fell. there is no way to tell whether average total cost rose or fell.
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
help study
The cost of producing teddy bears per day at the Cuddly Companion Co. is calculated by the company's marketing staff to be given by the formula C (2) = 100 + 40.2 -0.00122 Find the marginal cost function, and use it to estimate how fast the cost is going up at a production level of 100 teddy bears. When you produce 100 teddy bears, the cost is increasing at a rate of $ per teddy bear. Find the...
A business is currently producing a = 400 units of its product per month. Assume the following is true: Its costs are C(400) = 8500, and the marginal cost is MC(400) = 10. . Its revenues are R(400) = 8800, and the marginal revenue is MR(400) = 22. (a) (6 points) Which of the following statements is true when production is at q = 400 units? (List the letters of all that apply - you do not need to explain...
The table shows the marginal cost C'(x), the marginal revenue R'(x) for producing x items. The third column, P'(x), is partially completed. All values are in dollars per item. (a) Complete the remaining entries in the third column. (b) What does the table tell you about the revenue function? (c) Find the production level that maximizes profit. P'(x) -21 O 43 NOT 64 10 43 43 40 16 43 70 43 43 90208143 43 - 165
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