1. P1: Economic Applications of Functions and Derivativesa. Sketch the graph of the short run total cost function TC = 3q² +5g +300, forq=0 to q = 15;b.Find the marginal and average cost functions. Sketch their graphs.c. Explain in words why average cost is greater than marginal cost at all levels ofoutput;d. How does the difference between marginal and average cost, MC – AC,behave as 9 increases without limit?2. P2: Economic Applications of Functions and Derivativesa. A firm's short run total cost function is TC = 0.5q² +q+500. The firm sells ina perfectly competitive market and the ruling price is P = 61b. Find the most profitable level of output, and the profits at that output.c. Sketch the graphs of total cost and total revenue with the same axes, and do thesame with marginal cost and marginal revenue. Sketch the graph of the profitfunction. Indicate in all diagrams the equilibrium values of the variables.3. P3: Elasticitya. Using the demand function: Q = -3p²+2p+ 1965. Find the total revenueand marginal revenue functions (as functions of q).b. Find the point elasticity (1) when P = 10; (2) when P = 24.c. Sketch the demand function.

Answered: Image /qna-images/answer/422a88ee-f7ec-42bf-8cf3-4b1e742997ba.jpg

1. P1: Economic Applications of Functions and Derivatives a. Sketch the graph of the short run total cost function TC = 3q² +5g +300, for q=0 to 9 = 15; b. Find the marginal and average cost functions. Sketch their graphs. c. Explain in words why average cost is greater than marginal cost at all levels of output;

1. P1: Economic Applications of Functions and Derivatives a. Sketch the graph of the short run total cost function TC = 3q² +5g +300, for q=0 to 9 = 15; b. Find the marginal and average cost functions. Sketch their graphs. c. Explain in words why average cost is greater than marginal cost at all levels of output;

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Full explanations would be appreciated! 25) In a short-run production process, the marginal cost is rising and the average variable cost is falling as output is increased. Thus, A) marginal cost is below average fixed cost. C) average fixed cost is constant. B) marginal cost is below average variable cost. D) marginal cost is above average variable cost. 26) A firm employs 100 workers at a wage rate of $10 per hour, and 50 units of capital at a rate of $21 per hour. The marginal product of labor is 3, and the marginal product of capital is 5. The firm A) could reduce the cost of producing its current output level by employing more labor and less capital. B) could reduce the cost of producing its current output level by employing more capital and less labor. C) could increase its output at no extra cost by employing more capital and less labor. D) is producing its current output level at the minimum cost. E) Both B and D are true.
Q1) If the firm’s average cost curves are U-shaped, why does its average variable cost curve achieve its minimum at a lower level of output than the average total cost curve?
. With the aid of a clearly labelled diagram illustrate;i.The least cost criterion for cost minimization ii.At what point does the least cost combination of inputs occur? iii.What are the optimal solutions to cost minimization?
The cost curve for producing widgets passes through the following points and is piecewise linear in between. Solve, d. What is the incremental cost of producing the 100th widget? e. What is the incremental cost of producing the 500th widget?
!
Q2) Distinguish between economies of scale and economies of scope. Why can one be present without the other?
Please show step by step
a.)Suppose that labor is the only variable input in the production process. If the marginal cost of production is diminishing as more units of output are produced, what can you say about the marginal product of labor?b.)What are economies of scale? What are economies of scope? What is the difference between the two?
University level intermediate microeconomics, theory of production
B Mathematics In The Modern WorldNote: If you have already answered the problems in this post, kindly ignore it. If not, then answer it. Thank you, Tutor!Content Covered:- Engineering Economics- Simple Interest, Compound Interest, Annuity, Financial Mathematics & Comparison of AlternativesDirections:Solve the problem below by showing the complete solution. In return, I will give you a good rating. Thank you so much!Note: Please be careful with the calculations in the problem. Kindly double check the solution and answer if there is a deficiency. And also, box the final answer.Thank you so much!
3. Suppose that the feasible region of a cost minimization linear programming problem has three corners points of (5,8), (10,5), and (4,10). If the objective function is given as: Minimize Z = 2X + Y Which of the following represents an iso-cost line? Select one: a. X + 2Y = 10 b. X – Y = 10 c. 2X – Y = 10 d. 2X + Y = 10 e. none of the other options.
2