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

Q: What is Explicit Cost?

A: The cost of production is the cost incurred in the process of production in the economy by a firm.…

Q: Explain Implicit and Explicit cost with the help of suitable example?

A: Firms undertake production by employing many resources. There are hiring costs of inputs like labor…

Q: Assume the cost of making 30 belts $800 the cost of makin 35 belts $900 and the cost equation is…

A: Marginal cost measures the change in total cost due to a change in quantity produced. Marginal cost…

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A: Fixed cost does not depend on output produced. It remains fixed throughout the production. Total…

Q: Can you differentiate which is the best and which is the worst between Constant Cost Condition,…

A: In a perfectly competitive market, the long-run industry supply curve explains the relationship…

Q: that the dollar cost of producing X appliances is c(x) = 1000+70x-0.1x². ■ Find the average cost per…

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

Q: Consider the following cost function. a. Find the average cost and marginal cost functions. b.…

A: We are given the total cost function which depends on the quantity whose range is also given. And…

Q: Suppose the fixed cost of building a nuclear power plant is $1 billion. Suppose also that the only…

A: Marginal cost refers to the additional cost incurred by producing one more unit of a good or…

Q: how is the slope of the total cost and marginal cost related?

A:

Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the firm.

Q: Define total cost, average total cost, and marginal cost. How are they related?

A: Production prices ar the expenses incurred by a firm once it manufactures a product or provides a…

Q: For the cost function c = √q, show that marginal and average costs are always decreasing.

A: The firm produces goods and services which would result in the firm to incur cost. The production of…

Q: What is the total variable cost of 2 oil changes?

A: Total cost is the sum of fixed cost and variable cost.

Q: When thinking about cost analysis in Microeconomics, what are the real-world problems that occur…

A: Economies of scale are cost savings that can arise when a business expands the production scale and…

Q: Why is a cost function a derived function

A: Cost functions are derived functions. Because they are derived from the technological relationships…

Q: Jenna knits scarves and then sells them on Etsy, an online marketplace. Let C(x) =4x+20 represent…

A: (A). We have C(x)=4x+20 and the value of x should be from 1 to 6. Put values of x in the cost…

Q: How would you derive marginal cost from total cost?

A: Marginal cost is defined as the cost which is incurred by the producer in order to produce one more…

Q: Explain the theoritical relationship between average variable cost and the marginal cost

A: Average variable cost is the total variable cost per unit of output.  AVC = TVC / No of units…

Q: Is fixed cost always smaller than total cost ?

A: The question talks about the two terms i.e., fixed cost and total cost.

Q: What is theoretical relationship between Marginal Cost and Average cost

A: Costs refer to the amount of money that the firms need to give up in order to perform certain…

Q: Why does INCREASING COST CONDITION is the best while DECREASING COST CONDITION is worst?

A: Total cost: The term total cost encompasses fixed costs and variable costs. here, the fixed cost…