Coffee Bean Production Total Cost (in pounds) (in $) 0 1000 100 1150 200 1500 300 2050 400 2800 500 3750 600 4900 700 6250 800 7800 900 9550 1000 11500 (a) Using Excell, draw the cost curve and obtain the cost function. (NOTE: When reporting the cost function, use y for the output variable and c for the cost variable.) (b) curve (c) (d) Obtain the formula for the MC, MC = c'(y), and draw the MC using Excell). What is the shut-down price for this technology? Assume that the sales price of coffee beans is $10 per pound. Draw the profit function, л(y) (either by hand or using Excell). Find the optimal amount of coffee beans for the farm to produce and sell at the price of $10. How much money does the farm make in (maximum) profit?
Coffee Bean Production Total Cost (in pounds) (in $) 0 1000 100 1150 200 1500 300 2050 400 2800 500 3750 600 4900 700 6250 800 7800 900 9550 1000 11500 (a) Using Excell, draw the cost curve and obtain the cost function. (NOTE: When reporting the cost function, use y for the output variable and c for the cost variable.) (b) curve (c) (d) Obtain the formula for the MC, MC = c'(y), and draw the MC using Excell). What is the shut-down price for this technology? Assume that the sales price of coffee beans is $10 per pound. Draw the profit function, л(y) (either by hand or using Excell). Find the optimal amount of coffee beans for the farm to produce and sell at the price of $10. How much money does the farm make in (maximum) profit?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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