I need help answering question 4. Please note: this is not graded work. This test has already been graded. I am trying to find out how I can correct my answers. MC =STCдаr4. Suppose a firm has the cost function TC(q) = 5Q³ w⁰.5 p⁰.5. What is the marginal and averagecost? Does this firm exhibit economies of scale? (8)3TC(q) = 5Q³L₁05 0.5rMC = 15Q³05,05 A-5Q³0.5, 0.5AC 3rYYes this firm does exhibit economiesof scale because or loutput) is in thedenominstormaning that the functionAC is decreasing in output, which iseconomnies of scclex-6 AC=5g og g0.52.0.5rFindAC = TCdacdq.economies of scale is whenAC is decreasing in output

Average Cost is the per unit cost of the good produce. It tells us how much each good is costing.…

Answered: AC: g 4. Suppose a firm has the cost…

AC: g 4. Suppose a firm has the cost function TC(q) = 5Q³ w0.5 p0.5 What is the marginal and average cost? Does this firm exhibit economies of scale? (8) TC(q) = 50³ 0.5 0.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

I need help answering question 4.

Please note: this is not graded work. This test has already been graded. I am trying to find out how I can correct my answers.

MC =
STC
да
r
4. Suppose a firm has the cost function TC(q) = 5Q³ w⁰.5 p⁰.5. What is the marginal and average
cost? Does this firm exhibit economies of scale? (8)
3
TC(q) = 5Q³L₁05 0.5
r
MC = 15Q³05,05 A-5Q³0.5, 0.5
AC 3
r
Y
Yes this firm does exhibit economies
of scale because or loutput) is in the
denominstormaning that the function
AC is decreasing in output, which is
economnies of scclex
-6 AC=5g og g
0.5
2.
0.5
r
Find
AC = TC
dac
dq.
economies of scale is when
AC is decreasing in output

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