A firm’s estimated long-run total cost function is LRTC = 160Q - .6Q2 + .002Q3.  Suppose the firm is producing 100 units of output.  The cost elasticity is ____

Q: Total fixed cost is $300 and total variable cost is $700 Calculate total cost

A: The given information is as follows:- Total fixed cost = $300 Total variable cost = $700 We have to…

Q: What is AC(y) for cost function c(y) = y3? Input prices are taken as constants.

A: Average cost measures the per unit cost of production.

Q: If the firm hires 5 employee, total fixed costs equals

A: Total fixed cost is the cost which is even exits when output is zero. So at zero output we have the…

Q: Suppose that Jump A Lot Inc. can produce 12 trampolines a day for a total cost of $1,840. If…

A: For the constant return to scale production technology, the average cost of production remains the…

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A: Fixed cost does not depend on output produced. It remains fixed throughout the production. Total…

Q: Use the information in the graph to find the values for the following costs at an output level of…

A: In order to find the values for the costs at an output level of 500 units, we'll use the information…

Q: The following cost data are for a firm in the short run: Output  Total Cost 0 $400 1 500 2 550 3 600…

A: Given,

Q: A cost function is given. C(q) = 3800 + 7q – 0.03q² + 0.0003q³ (a) Find the average cost and…

A: Disclaimer :- as you posted multipart questions we are supposed to solve only the first 3 questions…

Q: Marsha made an extensive study into the cost function of the dining halls on the A&M campus. She…

A: Marginal cost is the additional cost incurred when one more unit of output is produced. It is the…

Q: If average fixed cost is $30  Calculate total fixed cost if output is 30 units

A: According to the above question, the values given are:- Average fixed cost = $30 Output = 30 units…

Q: in part b, how do we know that is the cost function? where are those variables coming from?

A: In part B of the question, you are asked to find expressions for the cost-minimizing levels of labor…

Q: What is this firm's efficient scale?

A: The production level at which a company achieves the lowest ATC per unit is referred to as its…

Q: The total cost function of a firm is:- 23Q? - 13Q + 40 Find the average cost function

A:

Q: If variable costs for a firm is $660, the average total cost is $8, and the firm sells 120 units,…

A: Variable cost as the name suggests changes with respect to the output produced. For example- the…

Q: Find the cost function for the marginal cost and fixed cost. C = Marginal Cost Fixed Cost (x = 0) dC…

A: The marginal cost function is given below:The fixed cost of production (at x =0),  is…

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: Average Total Cost is also called per unit cost of production. It is calculated by dividing the…

Q: Calculate the total revenue if explicit costs of the firm are $400 and the accounting profit is $850

A: Given information is :- Explicit costs = $400 Accounting profit = $850 We need to find the value of…

Q: How to calculate the Average cost of producing 1, 2,...15

A: average cost = C/Q = 1000 + 100*Q for every Q we first calculate the C by using the formula C=1000+…

Q: Use the information in the graph to the right to find the values for the following at an output…

A: The marginal cost refers to the change in total cost of production that comes from producing an…

Q: Find average variable cost given:- Total variable cost is $490 and the output is 30 units

A: The data presented in the question above is:- Total variable cost = $490  Output = 30 units  Average…

Q: Total variable cost is $40 and total fixed cost is half of it.  Find total cost

A: According to the above mentioned question, the values are:- Total variable cost = $40 million Total…