Fig 2.1 illustrates the law of diminishing returns in seeking the optimum system (or component) performance and hence the need to balance the performance against the cost. Give examples of two pairs of characteristics other than performance versus cost where optimizing one frequently competes with the other, and briefly explain why they do.

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A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…

Q: 3. The "Sad Student" Company finds that it costs a total of C(q) = 9720+500g-1.59² +0.005q³ Dollars…

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A: Total cost is the cost incurred by the firm on the production of final goods and services. The total…

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A: Cost of production is those costs which are incurred by the manufacturer for manufacturing the…

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A: Slope intercept form: Y=AX + B

Q: In the figure above, which of the following statements makes sense? Group of answer choices A)…

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Q: State the relationship between average variable cost (AVC), and marginal cost (MC) when AVC is…

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Q: Consider the following costs of owning and operating a car. A $17,000 Fiat 500 Pop financed over 60…

A: Fixed cost is the cost that does not changes as output changes. In the given question, the output is…

Q: 6)ABC company is using labor and capital to build widgets The last employee produced 20 more widgets…

A: 6. The marginal product of labour = 20     The price of labour = $10     The marginal product of…

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Q: Which of the following is a correct statement about the relationship between average cost (AC) and…

A: The relationship between MC and AC can be stated as under: (i) When AC falls with increase in…

Q: Ebba Kantzen says the following: "I am currently producing 10,000 pizzas per month at a total cost…

A: Cost can be defined as a concept that shows the amount of expenditure and any other sacrifice such…

Q: Finley's orchard incurs $90,000 per year in fixed costs. Last year, their total production was 100…

A: Fixed cost is the cost that remains same at all levels of output. Average Fixed cost is the Fixed…

Q: If c=3q-3q2+q3is a cost function, when is marginal cost decreasing?

A:

Q: The number of units that minimizes the average cost is

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