Question: A firm has access to two production processes with the following marginal cost curves: 1 = 0.4*1 and 2 = 2 + 0.2*2. If it

  1. A firm has access to two production processes with the following marginal cost curves: 1 = 0.4*1 and 2 = 2 + 0.2*2.
  2. If it wants to produce 8 units of output, how much should it produce with each process?
  3. If it wants to produce 4 units of output?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Derive the total, average and marginal long run cost functions for the production function: Question 7: Derive the total, average and marginal long run cost functions for the production function: a)...

Q:

A firm has access to two production processes with the following marginal cost curves: MC1 = 0.4Q and MC2 = 2 + 0.2Q. a. If it wants to produce 8 units of output, how much should it produce with each...

Q:

Question 9: A firm has access to two production processes with the following marginal cost curves: M61 = 0.401 and M62 = 2 + 0.202, where both MCs are in $/unit of output. a. If it wants to produce 8...

Q:

A firm has access to two production processes with the following marginal cost curves: MC1 = 0.601 and MC2 = 3 + 0.202, where the subscript 1,2 indicates the production process. Instructions: Enter...

Q:

I have struggled to understand the answer of part b, please explain the part b, and also why when mc1 less than mc2 at lets say when q=8, why s=is in a we have to give some output too mc2? why cant...

Q:

I have struggled to understand the answer of part b, please explain the part b, and also why when mc1 less than mc2 at lets say when q=8, why s=is in a we have to give some output too mc2? why cant...

Q:

4. A firm has access to two production processes with the following marginal cost curves: MC1 0.4Q and MC2 2 0.2Q. a. If it wants to produce 8 units of output, how much should it produce with each...

Q:

HI PLEASE ANSWER ALL 1. Assume the market for apples is initially in equilibrium. Which of the following will result in a higher equilibrium price of apples? a. An increase in both the demand for and...

Q:

Due Sunday, 11/20: Problems from Zimmerman text: 2-11, 2-44, Case 2-3, 7-7, and 7-20 Chapter Two The Nature of Costs Chapter Outline A. Opportunity Costs 1. Characteristics of Opportunity Costs 2....

Q:

you will be given a scenario that would cause a shift in supply or demand. You will also be required to show how price/quantity changes as Supply and Demand shifts. You can use Microsoft Word or...

Q:

ServiceComm, Inc., is a technology company that manufactures, installs, and services cellular towers for cellular phone companies. These towers provide greater connectivity for cellular users. It is...

Q:

Evaluate the usefulness of relative PPP in predicting movements in foreign exchange rates on: a. Short-term basis (for example, three months). b. Long-term basis (for example, six years).

Q:

Do you think it's a useful framework to apply to all industries and organisations?

Q:

Review Questions: What two conditions must be met before an entity can be classified as a weak entity? Give an example of a weak entity. What is a strong (or identifying) relationship, and how is it...

Q:

Open Ended Assignment While cores increase the cost of castings, they also provide a number of distinct advantages. The most significant is the ability to produce complex internal passages. They can...

Q:

1. In the 1870s, prison inspector and self-described sociologist Richard Dugdale noticed that many inmates at his facility in Ulster County, New York, were related. He began studying them, calling...

Q:

10 mg of NaCl is mixed with 100 g water, explain the concentration in: a) ppt b)ppm c)ppb

Q:

10. Define: a. founder effect b. balanced polymorphism c. genetic load

Q:

Among a group of 5 8 programmers, who know either Java or Python or both, 1 5 only know Java and 1 3 only know Python. What is the probability of randomly choosing a programmer who knows both...

Q:

3. Imagine a communication situation at work or at home where you felt that you were locked (inflexible). Reflect on three alternative strategies that could have led to you becoming more flexible,...

Q:

4. In the next communication situation you are in, already think through three different communication strategies, which will make you achieve greater flexibility. Then practice on these as soon as...

Q:

2. Now imagine a real situation in your workplace or home situation where someone gives you feedback. a. Did you perceive the feedback as a hidden criticism? b. Did you perceive the feedback as a...