Question: Given the total cost equation: TC = 144 + 2Q + Q what is the average cost when the firm produces at the level

Given the total cost equation: TC = 144 + 2Q + Q

Given the total cost equation: TC = 144 + 2Q + Q what is the average cost when the firm produces at the level of Q that yields the minimum average cost?

Step by Step Solution

★★★★★

3.49 Rating (146 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Given the total cost equation is TC144200 Calculate the ... View full answer

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!

1. In the short-run, there are three stages of production. Identify or define each of these and then discuss why a Manager would never knowingly produce in either Stage I or Stage III. 2. Suppose you...

Q1) The Warren & Smith Company manufactures commercial zippers of two kinds, kind X and kind Y. Its production department estimates that the profit function of the firm is = 6X 2 + 10Y 2 XY + 30...

Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds of companies offering tax preparation in a given market. The current market...

Suppose that a packet switched network is used and the only traffic in this network comes from such applications described above. Further assume that the sum of the application data rates is less...

Given the total cost equation: TC = 32 + 2Q-, what level of Q yields the minimum level of total average cost of production

Given the total cost equation: C = 32 + 2Q^2, derive equations for a. Average total cost. b. Average variable cost. c. Marginal cost. d. Average fixed cost e. What level of Q yields the minimum level...

2.) Given the Total Cost Function TC = 100 + 40Q - 15Q2+ 5Q3, calculate the a.Average Fixed Cost (AFC) b.Average Variable Cost (AVC) c.Marginal Cost (MC) 3.) For each of the following cost functions,...

This problem has you consider how to maximize profits when you have one manufacturing facility (say in Ohio) that serves two markets (say in Michigan and Arizona). Thus, rather than just find the q...

Please review and provide feedback Marginal Analysis Assignment Textbook publishing is a lucrative business. Marvin Publishing's bestselling account is for graduate economics textbooks. The product's...

Derive an expression for work done by an ideal gas, in isothermal process.

Complete Schedule M-1 for each of the following cases: Required: Corporate financial statement: net income of $57,000 including tax expense of $17,000, charitable contributions of $3,000, and...

YOU ARE REQUIRED TO: MARKS ( a ) Identify the control weaknesses in the purchases and payments system of TechPro Electronics ( Pty ) Ltd . ( 1 0 MARKS ) ( b ) Explain the possible consequence ( s )...

Rebecca has a $6,400 casualty loss, before any limitations, as a result of the complete destruction of personal-use property. She also receives $1,200 of insurance proceeds for the destruction of a...

Vibrant Company had $ 850,000 of sales in each of three consecutive years 2012 2014, and it purchased merchandise costing $ 500,000 in each of those years. It also maintained a $ 250,000 physical...

The City Transit Authority (CTA) is trying to decide between railcars manufactured by French Corp and Japan Rail Car. The French Corp cars cost more to buy initially, but they are expected to last...

Kyle Parker of Concord, New Hampshire, has been shopping for a new car for several weeks. He has negotiated a price of $34,000 on a model that carries a choice of a $2,500 rebate or dealer financing...

A partial amortization schedule for a 10-year note payable issued on January 1, 2016, is shown below: Required a. Using a financial statements model like the one shown here, record the appropriate...

use the integration formula below to find use partial fractions to find (15t^4)/(1-sin(t^5)

A competitive, profit-maximizing firm operates at a point where its short-run average cost curve is upward sloping. What does this imply about the firm's economic profits? Briefly explain.

Suppose that the world market for calcium is perfectly competitive and that, as a first approximation, all existing producers and potential entrants are identical. Consider the following information...

There are currently 10 identical firms in the perfectly competitive gadget manufacturing industry. Each firm operates in the short run with a total fixed cost of F and total variable cost of 2Q2,...

=+b. What is the approximate probability that the average hardness in a random sample of 40 pins is at least 52?

=+of T0 hours will be replaced free of charge to the customer. If it costs the manufacturer $3.00 to replace a package of batteries (materials plus mailing to customer), calculate the expected...

=+b. How large a sample would be required to ensure that the first probability in part (a) is at least .99?