A manufacturer of fine pens produces in two plants. The total cost of producing in the first plant is given by TC₁ = y² + 100. The total cost of producing in the second plant is given by TC₂=²+200. In these cost functions, y₁ corresponds to the number of pens produced in the first plant, and y2 corresponds to the number of pens produced in the second plant. Suppose the firm is producing 20 pens in the second plant. If the firm is minimizing costs, total costs for the firm must equal $ . (Give your answer to two decimals.)

A manufacturer of fine pens produces in two plants. The total cost of producing in the first plant is given by TC₁ = y² + 100. The total cost of producing in the second plant is given by TC₂=²+200. In these cost functions, y₁ corresponds to the number of pens produced in the first plant, and y2 corresponds to the number of pens produced in the second plant. Suppose the firm is producing 20 pens in the second plant. If the firm is minimizing costs, total costs for the firm must equal $ . (Give your answer to two decimals.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A manufacturer of fine pens produces in two plants. The total cost of producing in the first plant is given by TC1 = yi + 100. The total cost of producing in the second plant is given by TC2 + 200. 3 In these cost functions, y1 corresponds to the number of pens produced in the first plant, and y2 corresponds to the number of pens produced in the second plant. Suppose the firm's marginal cost is $256. If the firm is minimizing costs, the firm must be producing pens.
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