A firm has this cost function: C= 1000-4Q+5Q2. The firm is currently producing 3 units of its product. Calculate these a) Total cost b) Average fixed cost c) Total variable cost d) Marginal cost (You must clearly label and type each answer in eCourses, and show your calculations to receive any credit for your answers.)

A firm has this cost function: C= 1000-4Q+5Q2. The firm is currently producing 3 units of its product. Calculate these a) Total cost b) Average fixed cost c) Total variable cost d) Marginal cost (You must clearly label and type each answer in eCourses, and show your calculations to receive any credit for your answers.)

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

Calculate average cost when total cost Is 100 and total quantity is 8
What is the term for the change in total cost resulting from a one-unit increase in production? average fixed cost opportunity cost average variable cost marginal cost
please analyze the behavior of cost function and interpret the constant term in the expression of C(q)
When marginal cost equals average variable cost, average variable costiv (Click for List) falling constant at a maximum at a minimum rising
What is the relationship between average variable cost and marginal cost? a) They are always equal b) Marginal cost is always higher than average variable cost c) Marginal cost is always lower than average variable cost d) The relationship varies depending on the production level
Calculate average cost when total cost Is 100 and total quantity is 8
Use the following information to answer the question Quantity (number ofFixed Variable Total Marginal Costs Costs Costs Costs ($) ($) ($) units) ($) 1 10 16 4 10 25 6 6. The average variable cost of producing 3 units is Answer: 2) 1. 2. 3.
Fill in the blanks with: (a: rising) (b: at a minimum) (c: at a maximum) (d: falling) (e: constant) 1: When marginal cost is less than average variable cost, average variable cost is: 2 When marginal product is greater than average product, average variable cost is: 3: When marginal product is negative, total product is: 4: As total output increases average fixed cost is: 5: When marginal cost is at a minimum average product is:
Typed and correct answer please. I will rate accordingly. Don't do wrong please. It's my last attempt.
Question 1 Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Quantity of Output Total Cost $12 1 $14 2 $18 $24 4 $32 5 $42 6 $54 7 $68 The table above shows the total cost function for a typical firm producing hats in a perfectly competitive market. The market price for hats is $9 per hat. (a) Calculate the average variable cost of the fifth unit. Show your work. (b) What is the firm's profit-maximizing quantity of hats? Explain using marginal analysis. (c) Draw a correctly labeled graph showing the firm's demand and marginal cost curves, and show the profit-maximizing quantity of hats determined in part (b). (d) If the rent of the building the firm occupies increases, what will happen to the firm's profit-maximizing quantity of output in the short…
Can you please solve question # 14
give type answer