Consider the following cost minimization problem: Minimization CT = wL + rK Hold it: q= L1/2 K1/2 a) Obtain the long-run cost function b) If K = 9 and w = 1, obtain the long-run cost function
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Consider the following cost minimization problem:
Minimization CT = wL + rK
Hold it: q= L1/2 K1/2
a) Obtain the long-run cost function
b) If K = 9 and w = 1, obtain the long-run cost function
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- Consider the following cost function: C= 0.25q - 49° + 85q + 150: When output is 16 units, average cost is $ (Enter a numeric response using a real number rounded to two decimal places.) When output is 16 units, marginal cost is $ The output level where average variable cost equals marginal cost is units. 20 tv MacBook Air 80 DII F2 F3 F4 FB F10 F11 %23 $ & 3 4 5 8 { [ ン E R Y U P D F G K C V N M command option .. .. トA contractor wants to rent a wood chipper from Acme Rental for a day for $140 plus $10 per hour or from Bell Rental for a day for $200 plus $4 per hour Find a cost function in dollars for using each rental firm, (Let x be the number of hours for which the wood chipper is rented.) Acme Cx) - Beli CK) - (a) Find the number of hours for which each cost function will give the same cost. hours (b) If the contractor wants to rent the wood chipper for 13 hours, which rental place will cost less? Bell O Acme O they are the same O cannot be determined Additional Materials WeBookConsider the following cost function (C): C= 0.25q3 - 4q? + 75q + F. The equation for average cost (AC) is: AC = |. (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.) The equation for variable cost (VC) is: Vc=. (Properly format your expression using the tools in the palette.) The equation for marginal cost (MC) is: MC =. (Properly format your expression using the tools in the palette.)
- Give the formulas for and plot average fixed cost, AFC, marginal cast, MC, average variable cost, AVC, and average cost, AC, if the cost function is: C=12+79-4²+q Marginal cost is MC = 7-8q+3q² Average fixed cost is: 12 4 Average variable cost AVC-7-4q+² AFC- Average cost is: 12 AC+7-4q+q² 1.) Use the 3-point curved line drawing tool to draw the average fixed cost curve for quantities q=1, q=2, and q=3. Labal this line 'AFC 2.) Use the 3-point curved line drawing tool to draw the average variable cost curve for quantities q=1, q=2, and q=3. Label this line AVC. 3.) Use the 3-point curved line drawing tool to draw the average cost curve for quantities q-1, q-2, and q-3. Label this line 'AC'. Carefully follow the instructions above, and only draw the required objecte. 20.00 19.00 18.00 17.00- 56 00 1600- 15.00- 14.00 4545 13.00 13.00 12.00- 11.00- 10.00 9.00 a 8800 7.00 ARD 6.00 GOD 5.00 GOD 4.00 3.00 45 200 1.00 0.00 G Quantity, q. Units per day If you are viewing this an a fost or…A firm has this cost function: C= 1000-4Q+5Q2. The firm is currently producing 3 units of its product. Calculate these a) Total cost b) Average fixed cost c) Total variable cost d) Marginal cost (You must clearly label and type each answer in eCourses, and show your calculations to receive any credit for your answers.)10. For the cost function C(Q)= 100+2Q+3Q2 the average fixed cost can be represented by the following equation: a. 2+6Q b. (100/Q)+2+3Q c. (100/Q) d. 2+3Q
- A firm's short-run cost function is C(q) = 240q – 6g° + 0.6q° + 600. Determine fixed cost, F; average variable cost, AVC; average cost, AC; marginal cost, MC; and average fixed-cost, AFC. The fixed cost function (F) is se F=0 The average variable cost function (AVC) is AVC =- (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.) The average cost function (AC) is AC =. (Properly format your expression using the tools in the palette.) The marginal cost function (MC) is MC =. (Properly format your expression using the tools in the palette.) The average fixed cost function (AFC) is AFC = (Properly format your expression using the tools in the palette.) tv 20 MacBook Air DII SO F10 2 F7 FB F9 F2 F3 F4 FS 23 %24 & 3 4 6 8 { [ E Y F G J K > ? х C V N command option .. •- V -please analyze the behavior of cost function and interpret the constant term in the expression of C(q)Give the formulas for average fixed cost (AFC), marginal cost (MC), average variable cost (AVC), and average cost (AC) if the cost function is: 26.00 24.00- C=6+13q. 22.00 Average fixed cost is: 20.00- 18.00 AFC = * 16.00 Marginal cost is: 14.00- MC = 10.00 Average variable cost is: 8.00 6.00- AVC = 4.00 Average cost is: 2.00 0.00- AC =D Quantity, q. Units per day 1.) Use the line drawing tool to draw the marginal cost curve. Label this line 'MC'. If you are viewing this on a test or quiz, you must click the graph to enable the drawing tools. 2.) Use the 3-point curved line drawing tool to draw the average cost curve for quantities q= 1, q = 2, and q = 3. Label this curve 'AC'. Carefully follow the instructions above, and only draw the required objects. étv 20 MacBook Air S0 DII F3 F4 FS F6 F7 FB F9 2$ & 3 4 7 8 9 { [ W E R T Y U P D F G H J K ? C V N command option .. .. Cost per unit, $ * 0O
- What is AC(y) for cost function c(y) = y3? Input prices are taken as constants.a producer faces a fixed cost Rs 50 and a variable cost of RS 5 per unit of output when he produces less than 200 units of outputs . assuming that total cost functions is linear determine the equation of the total cost of functionsFor the cost function C(x) 125x + 375 x+7 where Cis in dollars and x is the number produced in hundreds, use C(13) and MC(13) to approximate the cost of producing 1330 items. (Round your answer to two decimal places.) Give an interpretation of the marginal cost value. At this level of production, the cost -Select- about $ per additional one hundred items.
