Assume that Peter's short run Total Cost Curve is TC = 20,000q- 200q² +q*. Calculate his (short run) Average Total Cost (ATC) for quantities of 50, 100, and 150 and sketch his ATC curve given the values you calculated.

Q: Economist of the Ville's Corporation has estimated the company's cost function using time series…

A: A monopoly is a market structure where a single seller (or a small group acting as one) has…

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: Assume that the situation can be expressed as a linear cost function. Find the cost function.…

A: The total cost function comprises of variable costs and fixed costs. The fixed costs remain the same…

Q: An entrepreneur invests $10,000 of her personal savings in her new business venture. Furthermore,…

A: Opportunity cost: - opportunity cost is a forgone benefit that we could have earned by applying all…

Q: The long run average cost curve is U shaped because up to a certain point you have excess K/L and…

A: Total cost refers to the total amount of expenditure incurred by the firm ti produce the given…

Q: Ing fong TC = 8Q³ - 96Q² + 32Q Derive the expressions for marginal cost and average cost. What is…

A: Average cost: ‘average cost’ is the ‘total cost’ divided by the number of units of the good. It…

Q: Suppose you run a factory whose short-run production function is given by f (L) = 180L² – 3L³. (a)…

A: TPL = 180L2 - 3L3 APL = TP/L = 180L - 3L2 MPL = CHANGE IN TP/CHANGE IN L = 360L - 9L2

Q: In The Cost Graph for a typical firm, as quantity increases, what is the relationship between…

A: The visual depiction of the relationship between the cost of production and the quantity of goods or…

Q: If a cost function is C(q) = 2q3 - 6q2 + 20q • what is the fixed cost? What is the variable cost? •…

A: Economies of scale refers that when the cost per additional unit is decreasing due to increasing in…

Q: The most likely explanation for economies of scale is

A: Economies of scale refer to the cost advantages that a business obtains due to expansion. It's the…

Q: Given the following production cost function: TC=5+29 R1 R² +0.5 R³ TC: total cost in '00 (hundreds)…

A: Production costs are the costs a company incurs while creating a something or providing a service…

Q: How do costs vary in response to changes in the quantity of a variable input? In your own words. 250…

A: In economics, the concept of costs and their relationship with the quantity of a variable input is…

Q: Diseconomies of scale exists over the range of output for which the long run average cost curve is?

A: Diseconomies of scale exists over the range of output for which the long run average cost curve is…

Q: A firm's short-run cost function is C(a) = 240q – 69° + 0.6q° + 600. Determine fixed cost, F;…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: A computer company produces hardware and software using the same plant and labor. The total cost of…

A: Economies of scope occur when producing multiple products together reduces the total cost, as shared…

Q: Consider the following cost function. a. Find the average cost and marginal cost functions. b.…

A: Average Cost is the per unit cost while marginal cost is the change in total cost for next unit

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

A: Marginal cost measures the change in total cost with an additional unit of production.

Q: Austin's total fixed cost (TFC) is $350/month at his cupcake bakery.  Austin employs 10 workers and…

A: The amount of output produced determines the fluctuation in variable costs. Labor costs are one type…

Q: Give the formulas for and plat average fixed cest, AFC, marginal cast, MC, average variable cost,…

A: Cost curves are graphical representations of the relationship between the quantity of goods or…

Q: For the cost function 125x + 375 C(x) = x+7 where C is in dollars and x is the number produced in…

A: Here we are given the cost function. A cost function is the function of output, and it gives the…

Q: Find total cost if average cost is $11 and output is $20

A: The data presented in the question above:- Average cost = $11 Output = $20  Total cost is to be…

Q: Total Marginal Cost (using total cost) Quantity Variable Marginal Cost Cost Cost (using variable…

A: Fixed cost of production is that portion or part of firm's costs which remains same at each level of…

Q: You are given a cost function of TC(Q)= 10,000+ 20 Q Assume Q = 500, initially. What higher Q would…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…

Q: After running a successful pineapple business, Diddy looks for a new business venture. Now he wants…

A: Step 1: Step 2:Thank you Step 3: Step 4:

Q: A firm estimates its production function as Q = -2.4 + 20*L -.5*L2 + 30*K -1.00*K2 + 15*F -.3*F2.…

A: Given, The production function, Q = -2.4+ 20 L - 0.5L2+30K - 1.00K2+15F- 0.3F2 The total cost…

Q: Suppose you run a factory whose short-run production function is given by f (L) = 180L² – 3L³. (a)…

A: Production Function studies the fundamental difference between physical input and output. It is…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.