Assume that the situation can be expressed as a linear cost function. Find the cost function....
Assume that the situation can be expressed as a linear cost function. Find the cost function. Fixed cost is $300; 30 items cost $1,500 to produce. The linear cost function C(x)=
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Assume that the situation can be expressed as a linear cost
function. Find the cost function....
Let’s remind ourselves of what “linear” means. A linear function can be expressed in the form:...
Let’s remind ourselves of what “linear” means. A linear function can be expressed in the form: y =mx+b. Linear functions do not always have to be in this form, but it is the most common representation. Let’s remind ourselves of what the “pieces” in this expression y =mx+b mean. m is _________ You may have learned this as riserun Remember that rise is a change in _____-values and run is a change in _____-values b is the _____-intercept...
Total Cost Analysis The manager of a rival T-shirt stand found that her cost to produce...
Total Cost Analysis The manager of a rival T-shirt stand found that her cost to produce 10 T- shirts is $112.67, while the cost to produce 40 T-shirts is $399.09. Assume the cost C(x) is a linear function of x, the number of T-shirts produced. Find the total cost of producing 100 T-shirts.(Round to 2 decimal places) Fixed Cost Analysis In deciding whether to set up a new manufacturing plant, company analysts have decided that a linear function is a...
11. Given that total cost can be expressed as TC(X) = x3-140x2 + 4200, find: a....
11. Given that total cost can be expressed as TC(X) = x3-140x2 + 4200, find: a. the average cost function b. the level of output that minimizes AC (check 2nd order conditions also) c. the value of average cost at its minimum level
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...
Fixed Cost Analysis In deciding whether to set up a new manufacturing plant, company analysts have...
Fixed Cost Analysis In deciding whether to set up a new manufacturing plant, company analysts have decided that a linear function is a reasonable estimation for the total cost Clx) in dollars to produce x items. They estimate the cost to produce 1,000 items/day as $54,746, and the cost to produce 5,000 items/day as $73,717. Find the foxed cost of production (Round to two decimal places)
10. Given that total cost can be expressed as TC(X) = x3 - 140x2 + 4200,...
10. Given that total cost can be expressed as TC(X) = x3 - 140x2 + 4200, find: a. the average cost function the level of output that minimizes AC (check 2nd order conditions also) the value of average cost at its minimum level
2. Assume a firm can produce according to the production function: ? = ?(?, ?) =...
2. Assume a firm can produce according to the production function: ? = ?(?, ?) = ? + 3? Assume the wage, the cost of labor, is 6, and rent the cost of capital, is 12. What is the best combination of labor and capital to produce 12 units with? Illustrate your answer to part a with an isoquant/isocost drawing. If the wage decreased to $2, would this change how the firm will produce? If so, how? 3. Assume a...
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....
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...
Q13. The cost in dollars of making x items is given by the function C(x)=10x+900. Parta)...
Q13. The cost in dollars of making x items is given by the function C(x)=10x+900. Parta) The fixed cost is determined when zero items are produced. Find the fixed cost for this item. Part b) What is the cost of making 25 items? Part ) Suppose the maximum cost allowed is $2400. What are the domain and range of the cost function. C(x)? Domain: Range:
Total Cost Analysis The manager of a rival T-shirt stand found that her cost to produce 10 T- shirts is $112.67, while the cost to produce 40 T-shirts is $399.09. Assume the cost C(x) is a linear function of x, the number of T-shirts produced. Find the total cost of producing 100 T-shirts.(Round to 2 decimal places) Fixed Cost Analysis In deciding whether to set up a new manufacturing plant, company analysts have decided that a linear function is a...
11. Given that total cost can be expressed as TC(X) = x3-140x2 + 4200, find: a. the average cost function b. the level of output that minimizes AC (check 2nd order conditions also) c. the value of average cost at its minimum level
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...
Fixed Cost Analysis In deciding whether to set up a new manufacturing plant, company analysts have decided that a linear function is a reasonable estimation for the total cost Clx) in dollars to produce x items. They estimate the cost to produce 1,000 items/day as $54,746, and the cost to produce 5,000 items/day as $73,717. Find the foxed cost of production (Round to two decimal places)
10. Given that total cost can be expressed as TC(X) = x3 - 140x2 + 4200, find: a. the average cost function the level of output that minimizes AC (check 2nd order conditions also) the value of average cost at its minimum level
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....
Q13. The cost in dollars of making x items is given by the function C(x)=10x+900. Parta) The fixed cost is determined when zero items are produced. Find the fixed cost for this item. Part b) What is the cost of making 25 items? Part ) Suppose the maximum cost allowed is $2400. What are the domain and range of the cost function. C(x)? Domain: Range:
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