Homework Answers
Long run total cost curve =100Q
Marginal cost = dC/dQ = 100
Hence, option(A) is correct.
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Question 18 Suppose that a firm's long-run total cost curve can be expressed as C(Q) 100Q...
The firm's long-run total cost is given by LTC = 5,000Q - 100Q^2 + Q^3 and its long-run marginal cost is given by LMC =...
The firm's long-run total cost is given by LTC = 5,000Q - 100Q^2 + Q^3 and its long-run marginal cost is given by LMC = 5,000 - 200Q + 3Q^2. At what output level does the firm experience diseconomies of scale? I don't understand how it goes from this " 5000 - 100Q + Q2 " to this equation "-100 + 2Q = 0"
4) Suppose each firm's long run average cost curve, for positive levels of output, is given by AC 0.10.05Q+5/Q. The...
4) Suppose each firm's long run average cost curve, for positive levels of output, is given by AC 0.10.05Q+5/Q. The marginal cost curve is given by MC 0.+0.1Q. (a) Find the minimum efficient scale for the above cost function (b) What is the firm's minimum average cost? (c) Suppose you have many identical firms in a long run competitive equilibrium. Demand is P 13.1-0.040. What is the market quantity? How many firms are there? (d) Suppose demand increases to P...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Suppose each firm's long run average cost curve, for positive levels of output, is given by AC = 0.1 + 0.05Q + 5/Q....
Suppose each firm's long run average cost curve, for positive levels of output, is given by AC = 0.1 + 0.05Q + 5/Q. The marginal cost curve is given by MC = 0.1 + 0.1Q. (a) Find the minimum efficient scale for the above cost function. (b) What is the firm's minimum average cost? (c) Suppose you have many identical firms in a long run competitive equilibrium. Demand is P = 13.1-0.04Q. What is the market quantity? How many firms...
Suppose Q=VKL in the short-run. The firm's short-run total cost curve is +rk C) STC =...
Suppose Q=VKL in the short-run. The firm's short-run total cost curve is +rk C) STC = +K +rk
Suppose that a firm's production function is q = 5x0.5 in the short run, where there...
Suppose that a firm's production function is q = 5x0.5 in the short run, where there are fixed costs of $2,000, and x is the variable input whose cost is S1250 per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q) The total cost of producing a level of output q is O A. C(g)-2,000. ca-2,000+ C(q) = 2,000 + Cla)= 800 O B. 25 % C....
1. In the following graph, a firm's short run total cost curve is given as ABCD...
1. In the following graph, a firm's short run total cost curve is given as ABCD and its long run total cost curve is given as OBEF. This fimm's short run total cost curve ABCD is tangent to its long run total cost curve OBEF at point B. (a) Draw this firm's short run average cost curve and long run average cost curve. [6 marks] (b) Draw this firm's short run marginal cost curve and long run marginal cost curve....
P M C ATC Av In the graph above, MC is the firm's marginal cost curve, ATC is the firm's average total cost curve,...
P M C ATC Av In the graph above, MC is the firm's marginal cost curve, ATC is the firm's average total cost curve, and AVC is the firm's average variable cost curve. If the firm faces a price between P1 and P2: the firm will stay open in both the short run and the long run. the firm will stay open in the short run but close in the long run. the firm will close in both the short...
need help with 5 and 6 Suppose a perfectly competitive firm's cost function is C(q)-4q*+16. Marginal cost for the firm...
need help with 5 and 6
Suppose a perfectly competitive firm's cost function is C(q)-4q*+16. Marginal cost for the firm is given by MC=8q. 1) Find equations for variable cost, fixed cost, average total cost, average variable cost and average fixed cost for this firm. Illustrate on a graph the firm's average variable cost curve, average total cost curve, and marginal cost curve. 2) Find the outputs that minimize average total cost, average variable cost and average fixed cost. 3)...
3.[2 points) A firm's short-run total cost is TC = 10,100 + 7, 700Q-100Q2 +Q3/3, and...
3.[2 points) A firm's short-run total cost is TC = 10,100 + 7, 700Q-100Q2 +Q3/3, and its marginal cost is MC = 7, 700-200Q+Q2. What is the firm's shutdown price? A) $45 B) $200 C) $1,100 D) $18 4.[2 points) Cravats inc., which sells bags designed by famous people, faces a demand curve of Q = 150 - 0.2P, where Q is measured in hundreds of bags and P is the price per bag. The marginal cost of production is...
4) Suppose each firm's long run average cost curve, for positive levels of output, is given by AC 0.10.05Q+5/Q. The marginal cost curve is given by MC 0.+0.1Q. (a) Find the minimum efficient scale for the above cost function (b) What is the firm's minimum average cost? (c) Suppose you have many identical firms in a long run competitive equilibrium. Demand is P 13.1-0.040. What is the market quantity? How many firms are there? (d) Suppose demand increases to P...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Suppose Q=VKL in the short-run. The firm's short-run total cost curve is +rk C) STC = +K +rk
Suppose that a firm's production function is q = 5x0.5 in the short run, where there are fixed costs of $2,000, and x is the variable input whose cost is S1250 per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q) The total cost of producing a level of output q is O A. C(g)-2,000. ca-2,000+ C(q) = 2,000 + Cla)= 800 O B. 25 % C....
1. In the following graph, a firm's short run total cost curve is given as ABCD and its long run total cost curve is given as OBEF. This fimm's short run total cost curve ABCD is tangent to its long run total cost curve OBEF at point B. (a) Draw this firm's short run average cost curve and long run average cost curve. [6 marks] (b) Draw this firm's short run marginal cost curve and long run marginal cost curve....
P M C ATC Av In the graph above, MC is the firm's marginal cost curve, ATC is the firm's average total cost curve, and AVC is the firm's average variable cost curve. If the firm faces a price between P1 and P2: the firm will stay open in both the short run and the long run. the firm will stay open in the short run but close in the long run. the firm will close in both the short...
need help with 5 and 6
Suppose a perfectly competitive firm's cost function is C(q)-4q*+16. Marginal cost for the firm is given by MC=8q. 1) Find equations for variable cost, fixed cost, average total cost, average variable cost and average fixed cost for this firm. Illustrate on a graph the firm's average variable cost curve, average total cost curve, and marginal cost curve. 2) Find the outputs that minimize average total cost, average variable cost and average fixed cost. 3)...
3.[2 points) A firm's short-run total cost is TC = 10,100 + 7, 700Q-100Q2 +Q3/3, and its marginal cost is MC = 7, 700-200Q+Q2. What is the firm's shutdown price? A) $45 B) $200 C) $1,100 D) $18 4.[2 points) Cravats inc., which sells bags designed by famous people, faces a demand curve of Q = 150 - 0.2P, where Q is measured in hundreds of bags and P is the price per bag. The marginal cost of production is...
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