A firm's total cost function is given by the equation: TC = 4 000 + 12Q...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A firm's total cost function is given by the equation: TC = 4 000 + 12Q + 10Q 5.1 Write an expression for each of the following cost concepts: 5.1.1 Total fixed cost 4000 5.1.2 Total variable cost 0 + 1002 5.1.3 Average variable cost 5.1.4 Average total cost 5.1.5 Marginal cost Determine the quantity that minimises average total cost. Explain the relationship between marginal and average cost 5.2 5.3 A firm's total cost function is given by the equation: TC = 4 000 + 12Q + 10Q 5.1 Write an expression for each of the following cost concepts: 5.1.1 Total fixed cost 4000 5.1.2 Total variable cost 0 + 1002 5.1.3 Average variable cost 5.1.4 Average total cost 5.1.5 Marginal cost Determine the quantity that minimises average total cost. Explain the relationship between marginal and average cost 5.2 5.3
Expert Answer:
Answer rating: 100% (QA)
511 Total fixed cost The total fixed cost TFC is the portion of the total cost that remains constant regardless of the level of output In this case th... View the full answer
Related Book For
Linear Algebra And Its Applications
ISBN: 9781292351216
6th Global Edition
Authors: David Lay, Steven Lay, Judi McDonald
Posted Date:
Students also viewed these economics questions
-
The demand function for a firms product is given by P = 60 Q. Fixed costs are 100, and the variable costs per good are Q + 6. (a) Write down an expression for total revenue, TR, in terms of Q and...
-
Analysts expect that TexMex Restaurants Inc. (TMR) will report earnings of $20 million one year from today. TMR's policy is to pay 60% of its earnings out in dividends (it paid its dividends already...
-
A short-run total cost curve is given by the equation STC(Q) = 1000 + 50Q2. Derive expressions for, and then sketch, the corresponding short-run average cost, average variable cost, and average fixed...
-
What is GST?
-
Interference of Rectangular Pulses. Figure I5.3S shows two rectangular wave pulses on a stretched string traveling toward each other. Each pulse is traveling with a speed of 1.00 mm/s and has the...
-
A particle is subject to a V (r) = /r2 potential. Following the general strategy in Section 6.4.1, find the shape of the particles path. You will need to consider various cases for .
-
When there must be a substitution of parties?
-
Last year, Lakeshas Lounge Furniture Corporation had an ROE of 17.5 percent and a dividend payout ratio of 20 percent. What is the sustainable growth rate?
-
Describe the consumer group(s) Bud Light was trying to pursue with its marketing efforts. How has this changed from their target market in the past? Focus on STP = Segmentation, Targeting., and...
-
Maverick Ltd is a supplier of leisure boats both to the retail trade and to the public. On Monday, Cruise Ltd, one of Maverick Ltd's regular suppliers, agreed to supply Maverick Ltd with 15 carbon...
-
Question 1 As Singaporeans turn to online shopping and continue to shun DIY, are hardware stores dying? In a corner on the third floor of Lucky Plaza lies a hardware store that some have described as...
-
The U.S. Supreme Court has recognized a constitutional right to represent oneself in a criminal trial. Could a person who insisted on self-representation at trial later challenge his or her...
-
Does the grand jury still play a viable role in the criminal justice system? Are the criticisms of the grand jury valid? Why or why not?
-
What new or revised procedures would expedite the resolution of criminal appeals? Would such procedures detract from the fair and deliberative review essential to determine whether the decision of...
-
Why do you think the U.S. Supreme Court has never held that the Fifth Amendment requirement of indictment by a grand jury applies to the states as well as to the federal government?
-
How does the Federal Anti-Riot Act seek to prevent the definition of to incite a riot from being applied in such a way that it violates First Amendment guarantees of freedom of expression?
-
5) A company's balance sheet showed the following amounts as of December 31: Payables Accruals Notes Payable Long-term Debt Common Stock Retained Earnings Total Liab & Eq. Cash Receivables Inventory...
-
One study found that the elderly who do not have children dissave at about the same rate as the elderly who do have children. What might this finding imply about the reason the elderly do not dissave...
-
Display a matrix A and an echelon form of A. Find bases for Col A and Nul A, and then state the dimensions of these subspaces. A = 2 1 5 4 -2 10 0 0 0 2 2000 0 2 10 8 -4 -4 1 0 0 -4 -9 -9 5 3 -2 3 -7...
-
In Exercises 17 and 18, suppose a mouse wanders through the given maze. The mouse must move into a different room at each time step and is equally likely to leave the room through any of the...
-
In Exercises 16, consider a Markov chain with state space {1,2,...........,n} and the given transition matrix. Find the communication classes for each Markov chain, and state whether the Markov chain...
-
Which inventory costing method results in the lowest net income during a period of rising inventory costs? a. Specific-unit cost b. First-in, first out (FIFO) c. Weighted-average cost d. None of the...
-
Review the following data: Which of the following depicts the proper account balance after the application of the lower-of-cost-and-netrealizable-value rule? a. Cost of goods sold will be \(\$...
-
Describe how lists are used in QuickBooks Accountant.
Study smarter with the SolutionInn App