22/23 Suppose the marginal cost function for a month for a certain product is: MC...
22/23
Suppose the marginal cost function for a month for a certain product is:
MC = 3X + 50, where X = # of units; cost in $. If the fixed costs = $10,000 per month. Find the total cost function for the month.
The rate of change of the cost (marginal cost) for a product is:
MC = 3(2X+25)^1/2; X=#units; Cost in $
If the fixed costs per month = $11,125, what would be the total cost of producing 300 items per month.
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22/23
Suppose the marginal cost function for a month for a certain
product is:
MC...
18. A certain firm's marginal cost for a product is MC = 4x+80, its marginal revenue...
18. A certain firm's marginal cost for a product is MC = 4x+80, its marginal revenue is MR = 248-8x, and its total cost of production of 14 units is $ 1632 Find the profit function P.
How can marginal cost be expressed mathematically? Marginal cost (MC) can be expressed as MC =...
How can marginal cost be expressed mathematically? Marginal cost (MC) can be expressed as MC = " where AC is average cost and is output. TC - FC, where TC is total cost and FC is fixed cost. A where TC is total cost and Q is output 10 where FC is fixed cost and is output MC where TC is total cost and is output For example, if the total cost of producing three units of output is $2,639...
Please solve all of them. 7. The revenue function for a product is given by 60x2...
Please solve all of them.
7. The revenue function for a product is given by 60x2 R(x) = 2x+1 a. Find the marginal revenue function The price of a product in a competitive market is $300. The cost per unit of producing the product is 160 + 0.1% dollars, where x is the number of units produced per month a. Find the marginal cost function. b. Find the marginal revenue function b. Find MR(100) and interpret your results. c. Find...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q)...
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...
Quantity Total Cost Q Variable Marginal Cost Marginal Cost Cost MC MC VC (calculated (calculated using...
Quantity Total Cost Q Variable Marginal Cost Marginal Cost Cost MC MC VC (calculated (calculated using TC) using VC) TC O dozen pizzas $300 $0 ܝܕ 350 50 390 90 N 3 420 120 4 450 150 5 490 190 6 540 240 3 420 120 4 450 150 5 490 190 6 540 240 What is the pizzeria's fixed cost? Note: Recall that TC = FC + VC $200 $300 $400 cannot be determined Construct a table in which...
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Suppose a firm has the following production function: Q = 2K L. The marginal product of capital is 2L, and the marginal product of labor is 2K. Assume that capital rents for $100 per unit per day, that labor can be hired for $200 per unit per day, and that the firm is minimizing costs. a. The firm will hire units of labor and - units of capital. b. What is the total cost of producing 60 units of output?...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q)...
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...
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Word Problems with the e-thing. 2. Suppose the Marginal Cost of Samumy's Summer Fun i = 37,500 w here MC is in terms of 6.1+9 given by the formula, MC- s per thousand units. The Total Cost of 7 thousand units is $196,472.96. Determine the formula for Total Costs 3. The rate of change in the accumulated number of students attending an ice cream social is represeuted by N'() 4.5e, where t is the minutes after the social began. Suppose...
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8. Problems 2.8 Suppose that a firm has a marginal cost function given by MC(ą)1. Which of the following represent the firm's total cost function? (Hint: K is a constant of integration) Fixed costs are represented by As you may know from an earlier economics course, if a firm takes price (p) as given in its decisions then it will produce that output for which p = MC(q). Suppose the price is 15 p = 15 If the firm follows...
QUESTION ONE A. Suppose the marginal cost and marginal revenue (in ¢000) for a product produced...
QUESTION ONE A. Suppose the marginal cost and marginal revenue (in ¢000) for a product produced by a company is estimated to be MC = q +35 MR = 560 + 22q-q? Where q is the quantity produced and the firm's break-even is 5 units per week You are Required to 1. determine the total cost and the total revenue function in terms of q. (6 marks) II. estimate the output at which profit is maximize (6 marks) III. calculate...
18. A certain firm's marginal cost for a product is MC = 4x+80, its marginal revenue is MR = 248-8x, and its total cost of production of 14 units is $ 1632 Find the profit function P.
How can marginal cost be expressed mathematically? Marginal cost (MC) can be expressed as MC = " where AC is average cost and is output. TC - FC, where TC is total cost and FC is fixed cost. A where TC is total cost and Q is output 10 where FC is fixed cost and is output MC where TC is total cost and is output For example, if the total cost of producing three units of output is $2,639...
Please solve all of them.
7. The revenue function for a product is given by 60x2 R(x) = 2x+1 a. Find the marginal revenue function The price of a product in a competitive market is $300. The cost per unit of producing the product is 160 + 0.1% dollars, where x is the number of units produced per month a. Find the marginal cost function. b. Find the marginal revenue function b. Find MR(100) and interpret your results. c. Find...
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...
Quantity Total Cost Q Variable Marginal Cost Marginal Cost Cost MC MC VC (calculated (calculated using TC) using VC) TC O dozen pizzas $300 $0 ܝܕ 350 50 390 90 N 3 420 120 4 450 150 5 490 190 6 540 240 3 420 120 4 450 150 5 490 190 6 540 240 What is the pizzeria's fixed cost? Note: Recall that TC = FC + VC $200 $300 $400 cannot be determined Construct a table in which...
Suppose a firm has the following production function: Q = 2K L. The marginal product of capital is 2L, and the marginal product of labor is 2K. Assume that capital rents for $100 per unit per day, that labor can be hired for $200 per unit per day, and that the firm is minimizing costs. a. The firm will hire units of labor and - units of capital. b. What is the total cost of producing 60 units of output?...
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...
Word Problems with the e-thing. 2. Suppose the Marginal Cost of Samumy's Summer Fun i = 37,500 w here MC is in terms of 6.1+9 given by the formula, MC- s per thousand units. The Total Cost of 7 thousand units is $196,472.96. Determine the formula for Total Costs 3. The rate of change in the accumulated number of students attending an ice cream social is represeuted by N'() 4.5e, where t is the minutes after the social began. Suppose...
8. Problems 2.8 Suppose that a firm has a marginal cost function given by MC(ą)1. Which of the following represent the firm's total cost function? (Hint: K is a constant of integration) Fixed costs are represented by As you may know from an earlier economics course, if a firm takes price (p) as given in its decisions then it will produce that output for which p = MC(q). Suppose the price is 15 p = 15 If the firm follows...
QUESTION ONE A. Suppose the marginal cost and marginal revenue (in ¢000) for a product produced by a company is estimated to be MC = q +35 MR = 560 + 22q-q? Where q is the quantity produced and the firm's break-even is 5 units per week You are Required to 1. determine the total cost and the total revenue function in terms of q. (6 marks) II. estimate the output at which profit is maximize (6 marks) III. calculate...
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