Give the formulas for and plat average fixed cest, AFC, marginal cast, MC, average variable cost, AVC, and average cast, AC, if the cost function is C=12+70-46² +² Marginal cost is MC = 7-8q3g² Average fixed cost is 12 AFC- Average variable cost AVC-7-4q+q² Average cost is AC = +7-44+0² 1.) Use the 3-point curved line drawing tool to draw the average fixad cost curve for quartitias 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 Ine 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 objects. 20.00 19.00 18.00 1700- 1600 1500- 1400 12.00 12.00 11.00 16 1000 5.00 AUD 07.00 7.00 GOD 600 5.00 400- 3.00 200 1.00 GOD G Quantity, q Units per day If you are viewing this on a fost or quiz, you must click the graph to enable the drawing tools

Give the formulas for and plat average fixed cest, AFC, marginal cast, MC, average variable cost, AVC, and average cast, AC, if the cost function is C=12+70-46² +² Marginal cost is MC = 7-8q3g² Average fixed cost is 12 AFC- Average variable cost AVC-7-4q+q² Average cost is AC = +7-44+0² 1.) Use the 3-point curved line drawing tool to draw the average fixad cost curve for quartitias 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 Ine 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 objects. 20.00 19.00 18.00 1700- 1600 1500- 1400 12.00 12.00 11.00 16 1000 5.00 AUD 07.00 7.00 GOD 600 5.00 400- 3.00 200 1.00 GOD G Quantity, q Units per day If you are viewing this on a fost or quiz, you must click the graph to enable the drawing tools

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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 quiz, you must click the graph to enable the drawing tools

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Can you please solve question # 14
a) Calculate the marginal product (MP1) for the mixers. Does the production function have increasing, decreasing, constant marginal product for the mixers? b) Suppose in the short run the amount of machines she has is fixed at 27. How many mixers should she use? How many baklavas will she produce? How much profit will she make? c)Usinag an isoprofit, as well as the production function, draw a diagram of your soltuion from part (b). carefully label all the slopes and intercepts. d) In the long run, how many mixers should she use? How many machines? How many baklavas will she make? e) Suppose that the government decides to provide a $1 subsidy per mixer. What is the profit-maximizing amount of input to use now?
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