Suppose a firm has the long run total cost function TC q 40q 600q 3D (a) Calculate the average cost function for this firm 1 mark (b) At what output does the average cost equal the minimum What is the average cost at this level of output 2 marks (c) What is the marginal cost function for this firm...

a Average cost Total cost quantity q 3 40q 2 600qq Average cost q 2 40q 600 b Fi ...

Suppose a firm has the long-run total cost function TC = q-40q+600q. %3D (a) Calculate the...

Fantastic news! We've Found the answer you've been seeking!

Question:

Related Book For answer-question

Managerial Economics

ISBN: 978-0133020267

7th edition

Authors: Paul Keat, Philip K Young, Steve Erfle

See More Books

Posted Date: Jan 04, 2021 04:20 AM

See More Questions

For the long- run total cost function LTC (Q) = Q2 + 10 Sketch ATC, AVC, AFC, and MC.
A competitive firm's short run total cost function is given by TC=q-16q+100q+120 Calculate the profit maximizing output and the resulting profit when price is $30. Calculate the profit maximizing...
Suppose a firm has generated 10.25 percent revenue growth in the past two years, consisting of 5.0 percent growth in sales volume compounded with 5.0 percent growth in prices. Describe one...
Ag Bio Tech (ABT) was organized on January 1, 2013, by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 8,000 shares of common stock. To date, they are the only...
Give an example of a policy and an action plan.
A public policy research group is conducting a study of health care plans and would like to estimate the average dollars contributed annually to health savings accounts by participating employees. A...
Derive the frequency equation for the torsional vibration of a uniform shaft carrying rotors of mass moment of inertia $I_{01}$ and $I_{02}$ one at each end.
The controller of Dousmann Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Instructions (a) Determine the fixed- and...
The crew of a helicopter need to land temporarily in a forest and spot a flat horizontal piece of ground (a clearing in the forest) as a potential landing site, but are uncertain whether it is wide...
Katie is a one-third owner of an S corporation. After a falling out with the other shareholders, Katie signed an agreement early in January 2014. Under the terms of the agreement, Katie took $...
Write a function def countVowel (word) that returns a count of all vowels in the string word. Vowels are the letters a, e, i, o, and u and their uppercase variations, A, E, I, O, and U. Create a...
Assume x hectares (ha) of tropical rainforest is being converted into farmland. The conversion cost is represented by the function 2 2 + 2x. Also assume that the market price of farmland is p/ha,...
Imagine that youre giving a presentation to middle school children to help them distinguish between credible and false information online. Using the steps in Figure 4 and your own thinking, make the...
Consider the following argument and explain whether or not it is valid, and why: Recycling promotes thorough collection and separation of garbage, so it should be implemented as a means of reducing...
Summarize what could be done in order to prevent climate change.
Find any legal document, for example, one of the many privacy or user agreements you click through to use apps. Copy the original text, and then revise it for clarity and conciseness. By how many...
Mimi's is developing a Fiery Habanero muffin, which will NOT compete with anything Mimi's currently offers. Unit contribution margin for the new Fiery Habanero muffin would be $3.69. Contribution...
Is the modified 5-question approach to ethical decision making superior to the modified moral standards or modified Past in approach?
Suppose a firm has the following demand equation: Q = 1,000 - 3,000P + 10A Where Q = quantity demanded P= product price (in dollars) A = advertising expenditure (in dollars) Assume for the following...
Define the law of diminishing returns. Why is this law considered a short-run phenomenon?
A manufacturer of electronics products is considering entering the telephone equipment business. It estimates that if it were to begin making wireless telephones, its short-run cost function would be...
The beam is constructed from two boards fastened together at the top and bottom with three rows of nails spaced every 8 in. If each nail can support a $300-$ lb shear force, determine the maximum...
The beam is constructed from two boards fastened together at the top and bottom with three rows of nails spaced every $8 \mathrm{in}$. If an internal shear force of $V=800 \mathrm{lb}$ is applied...
The beam is fabricated from two equivalent structural tees and two plates. Each plate has a height of 6 in. and a thickness of 0.5 in. If a shear of $V=50$ kip is applied to the cross section,...

Suppose a firm has the long-run total cost function TC = q-40q+600q. %3D (a) Calculate the...

Question:

Expert Answer:

a Average cost Total cost quantity q 3 40q 2 600qq Average cost q 2 40q 600 b Fi... View the full answer

Managerial Economics

Students also viewed these accounting questions