Give the formulas for and plot average fixed cost, AFC, marginal cost, MC, averagevariable cost, AVC, and average cost, AC, if the cost function is:C= 3+9q - 49? +g³20.00-19.00-18.00-17.00-16.0015.00-14.00-w 13.00-Marginal cost is:MC =O12.00-11.00-9 10.00-9.00-8.00-7.00-6.00-5.00-4.00-3.00-2.00-1.00-0.00-QuantityUnits per dayIf you are viewing this on a test or quiz, you must click the graph to enable the drawingtools.Cost per unit, $

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Answered: Give the formulas for and plot average…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume the following total cost function: Total Cost $75 1 105 128 What is the average fixed cost of producing 2 units? What is the marginal cost of producing 2 units?
Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C (z), the cost of producing z items (of whatever they are selling). This question deals with just the cost function C (z). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C (z) = 5z – 8/I – 3. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number
how do you know the total variable is 50 when finding the total fixed cost?
Suppose you run a factory whose short-run production function is given by f (L) = 180L² – 3L³. (a) Find mathematical expressions for the total product of labor, the average product of labor and the marginal product of labor. (b) On two separate axes, graph TPL, APL, and M PL. The diagrams do not need to be scale, but be sure they are internally consistent. In other words, make sure that all relevant relationships between the three lines are correct. If you have trouble figuring out what the graph looks like, feel free to use a graphing calculator or an online graphing tool to find the basic shape. Find the quantity of labor associated with each of the following points and label it on your diagram: (i) the maximum value of TPL, (ii) the maximum value of APL, (iii) the maximum value of MPL. (c) For what values of L does the production function exhibit each of the following: i. increasing marginal labor productivity ii. diminishing marginal labor productivity iii. negative marginal labor…
Consider the following cost function: 3 C=0.2q³-6q² + 80q + 150. (Enter a numeric response using a real number rounded to two decimal places.) When output is 19 units, average cost is $ When output is 19 units, marginal cost is $ The output level where average variable cost equals marginal cost is units.
can you explain the solution for part b like for example how did they get M=y^2/2 and L=2y^2
Am I solving correctly? I don’t really remember how to derive the AC equation or graph these values that I have found.
Provethatthetechnologyf(L,K)=L2+K2 exhibitsincreasingreturnstoscale. What is the formula for the average product of capital? For the total cost curve TC(q) = q3, prove the technology exhibits decreasing returns to scale
Answer the question on the basis of the following cost data: Average Average Fixed Variable Output Cost Cost 1 $50.00 $100.00 2 25.00 80.00 3 16.67 66.67 4 12.50 65.00 5 10.00 68.00 6 8.37 73.33 7 7.14 80.00 B 6.25 87.50 Refer to the above data. The total cost of four units of output is: $77.50. $215. $310. $260. Answer the question on the basis of the following cost data: Average Average Fixed Variable Output Cost Cost $50.00 $100.00 2 25.00 80.00 3 16.67 66.67 4 12.50 65.00 10.00 68.00 6 8.37 73.33 7 7.14 80.00 6.25 87.50 Refer to the above data. If the firm closed down in the short run and produced zero units of output, its total cost would be: $100. $150. $50. zero.
Yummy Gummies, Inc. makes boxes of individually packaged gummies. The company has a cost function given by C(x) dollars when x boxes of Yummy Gummies are made. If C '(100) = $3.50 per box, which of the following can we conclude from this information? %3D O The approximate cost of making the 100" box of Yummy Gummies is $3.50. O The exact cost of making the 99h box of Yummy Gummies is $3.50. The approximate cost of making the 101“ box of Yummy Gummies is $3.50. O The approximate cost of making the 99 box of Yummy Gummies is $3.50. O The exact cost of making the 101st box of Yummy Gummies is $3.50.
Fill in the missing data to solve this problem. Variable Total Average MarginalInput Product Product Product4 ? 70 ----5 ? ? 406 350 ? ? What is the total product for 5 units of input, and what is the marginal product for 6 units of input?
Find the cost function for the marginal cost function. F'(x) = - 30 e0.05x +800; 4 units cost $1900. F(x)= (Simplify your answer. Use integers or decimals for any numbers in the expression rounded to the nearest hundredth as needed.) kample Get more help. Cle

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