16.The total cost to make q quilts is C(q) = 73 +1.2q +0.05q2.a. What is a function for the marginal cost?b. Find a quantity that minimizes the average cost.

16.a) Marginal cost is the change in total cost in response to quantity. It derived by taking the…

Answered: 16. The total cost to make q quilts is…

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

A firm's cost function is C(x) = 300lnx, determine and interpret the marginal cost of the firm when it produces 60 units. a. When the firm produces the 60th unit total cost will decrease by $5. b. When the firm produces the 60th unit total cost will be $5. c. When the firm produces the 60th unit total cost will increase by $5.
What is the summary of the video "See the true cost of your cheap chicken"
Plz explain
d. The last column of Table 2.2 shows the marginal cost of Good U, which we also assume that the fixed cost of production is RM2000. Marginal cost of Good U (RM) Good U (units) 100 10 200 5 300 3 400 2 500 3.5 600 4.5 700 8 800 11 900 13 1000 18 Table 2.2 i. Compute the average cost based on Table 2.2. ii. We cannot use the cost information in the last column of Table 2.2 to determine whether the production of Good U shows economies or diseconomies of scale. TRUE / FALSE iii. Until which output level that that the production starts to exhibit diseconomies of scale? Why?
is generally determined by the consumer rather than by the producer. In other words, if a customer perceives that he receives more in benefits than what he has to pay for those benefits (or, he gets more in benefits than what he perceives it costs him to acquire those benefits), then he is probably going to be fairly happy with that product in relation to itsS cost.
A company produces very unusual CD's for which the variable cost is $ 15 per CD and the fixed costs are $ 50000. They will sell the CD's for $ 79 each. Let a be the number of CD's produced. Write the total cost C as a function of the number of CD's produced. C =$ Write the total revenue R as a function of the number of CD's produced. R=$ Write the total profit P as a function of the number of CD's produced. P=$ Find the number of CD's which must be produced to break even. The number of CD's which must be produced to break even is Question Help: Video Submit Question
find 5 problems related to variable cost, total cost, and marginal cost and Solve problems.
86. Average and marginal costs. The total daily cost (in dollars) of producing x city bikes is given by C(x) = 500 + 2x + 0.2x² (A) Sketch the graphs of the average cost function and the marginal cost function on the same set of coordinate axes. Include any oblique asymptotes. (B) Find the minimum average cost.
Solve it correctly please.
Part I Given that the marginal cost (mc) to manufacture an Iphone per day is represented by the funtion:- MC= (1/3)q^3 - 100q^2 + 10000q a. What quantity of Iphones will be produced at minimum marginal cost? b. Given that the fixed cost of manufacturing an Iphone is $2000.00. What is the quantity of Iphones that will be manufactured at minimum variable cost? Part II The table below gives the values for the marginal product and average product for producing several levels of output: Quantity Marginal Product Average Product Marginal Cost Average Cost 2 20 25 50 40 4 10 10 6 40 100 With reference to the table above answer the following questions: a. What is value for the price of output? b. Compute the values for the marginal cost. c. Compute the values for average cost. d. Sketch the marginal cost and average cost function for the given quantity. Part III Indicate and explain the relationships among the average cost, the average variable cost and the average fixed…
Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 40,000 10 60,000 20 65,000 30 68,000 40 70,000 50 71,000 60 72,500 70 73,500 80 74,000 90 74,300 100 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is s At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 1,000 700 30 400 90 200 100
In 1796, Gottfried Christoph Härtel, a German music publisher, calculated the cost of printing music using an engraved plate technology and used these estimated cost functions to make production decisions. Härtel figured that the fixed cost of printing a musical page—the cost of engraving the plates—was 900 pfennings. The marginal cost of each additional copy of the page is 5 pfennings (Scherer 2001). a. Graph the total cost, average total cost, average variable cost, and marginal cost functions. b. Is there a cost advantage to having only one music publisher print a given composition? Why? c. Härtel used his data to do the following type of analysis. Suppose he expects to sell exactly 300 copies of a composition at 15 pfennings per page of the composition. What is the greatest amount the publisher is willing to pay the composer per page of the composition?

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

16. The total cost to make q quilts is C(q) = 73 +1.2q +0.05q2. a. What is a function for the marginal cost? b. Find a quantity that minimizes the average cost.