3. The "Sad Student" Company finds that it costs a total ofC(q) = 9720 +500g – 1.5q² +0.005qDollars to produce q lots of its latest board game named "Calculus Teacher Shooter",each lot consisting of 100 games..F) Analyze interaction ofand derive the formula of thisE) Analyze the behavior average cost functionmarginal cost and average cost numericallyrelationship with respect to relevant mathematical economics theory and interpret yourformula

The average cost (AC) function represents the average cost (AC) per unit of production as the…

3. The "Sad Student" Company finds that it costs a total of C(q) = 9720+500g-1.59² +0.005q³ Dollars to produce q lots of its latest board game named "Calculus Teacher Shooter", each lot consisting of 100 games. E) Analyze the behavior average cost function F) Analyze interaction of marginal cost and average cost numerically and derive the formula of this relationship with respect to relevant mathematical economics theory and interpret your formula

3. The "Sad Student" Company finds that it costs a total of C(q) = 9720+500g-1.59² +0.005q³ Dollars to produce q lots of its latest board game named "Calculus Teacher Shooter", each lot consisting of 100 games. E) Analyze the behavior average cost function F) Analyze interaction of marginal cost and average cost numerically and derive the formula of this relationship with respect to relevant mathematical economics theory and interpret your formula

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Latasha is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Latasha's free-throw percentage for each game and her overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 1. 8/10 8/10 80 80 6/10 14/20 3 1/5 15/25 4 3/5 18/30 5 8/10 26/40 On the following graph, use the orange points (square symbol) to plot Latasha's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot her overall average free-throw percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
When thinking about cost analysis in Microeconomics, what are the real-world problems that occur when applying theories of scale? Describe and give an example of each.
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
2. A student foregoes her annual summer job (paying in total $3,200) in order to operate a sandwich shop. Rent and other fixed costs are $1,500 for the entire season. Variable cost per sandwich is $0.50. a) What is the opportunity cost for the student? Explain. b) Derive the expressions for the total accounting cost and total economic cost. c) Suppose that the sandwich shop generates a positive total accounting profit of $2,000. Accounting for total economic costs, should the student operate the shop? Explain.
Suppose the imaginary company of Panthera is a small, Raleigh-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity Total Cost (Pairs) (Dollars) Marginal Cost (Dollars) Fixed Cost Variable Cost (Dollars) (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) 0 120 1 210 2 270 3 315 4 380 475 6 630
Consider the table below that describes the costs associated with producing a good (Q). Q Total Variable Cost Total Cost 0 0 30 1 30 60 2 50 80 3 65 95 4 77 107 5 87 117 6 100 130 7 120 150 8 160 190 9 220 250 10 300 330 What is the value of the average total cost when Q=2? Enter your answer as a number below. Do not include a "$" sign.
In Figure 2-a, the average variable cost curve is curve Group of answer choices A D C B
Question four Suppose that a firm's total cost equation is TC= 10,000+ 1000 + 0.25Q2 Where TC is total cost and Q is the level of output. (a) What output level will minimize the firm's average total cost? (b) Calculate the average and marginal cost at the average cost minimizing output level
G.189.
Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (æ), the cost of a firm producing z items. An important microeconomics concept is the marginal cost, defined in (non- mathematical introductory) economics as the cost of producing one additional item. If the current production level is æ items with cost C (z), then the cost of computing h additionial (C(z+h)-C(z)) items is C (z + h). The average cost of those h items is . As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h → 0, i.e. the derivative C' (z). Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C (z) = 0.02a3 – 10z + 450. (a) Find the marginal cost function. MC (z) (b) Find the marginal cost when 50 units of the item are produced. The marginal cost when 50…
Q2) Distinguish between economies of scale and economies of scope. Why can one be present without the other?
I'm not sure about part b-e for this question. How do I know if there are economies of scale in production based on a table like this?