If the Marginal Cost for a product is found to be MC= 8x+60 , and the Marginal Revenue is given as  MR= 1200 and the cost of 8 units is found to be $1600, what are: the Total Costs?     the Fixed Costs?   the Total Profit?   the production level, x, that yields Maximum Profit?     the corresponding Maximum Profit?

Q: Suppose that the fixed cost for a product is $200 and the break-even quantity is 50. find the…

A: The marginal profit will be computed as the selling price per unit, minus the variable cost per…

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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: A firm currently produces 500 units at a price of $40. If it earns $1,500 profit, what must the…

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

Q: A multiproduct firm’s cost function is   C(Q1 ,Q2 ) = 50 -0.2Q1Q2 + 0.1Q22 Are there economies of…

A: Cost function:Economies of scope occur when the total cost of producing a combination of goods or…

Q: The cost function of producing Q units of good s.t:

A: ‘Total cost’: ‘Total cost’ is the amount that includes all the expenses that are paid to produce a…

Q: OR (b) Define (i) Marginal cost and (ii) Marginal revenue. The cost of producing x widgets is given…

A: (i) Marginal Cost Marginal Cost (MC) is the additional cost incurred by producing one more unit of a…

Q: (a) Let production be Q(L) = 100 L² - L³ and costs be C(Q) = 250L +600. Show how average costs…

A: a) Show how average costs change as Q rises.  Explain why it behaves in the way it does. You can use…

Q: Where Q = quantity, TC = total cost, TFC = total fixed cost, and TVC = total variable cost; average…

A: The average variable cost is the total variable cost per unit of output. The total variable cost is…

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

A: 1. AVC (Average variable cost) is decreasing, when the MC (Marginal cost) is less than AVC (Average…

Q: A firm has two plants that produce identical output. The costs functions are C,=10g-4q² + q³…

A: TC1 = 10q - 4q2 + q3  AC1 = TC1/q AC = 10 - 4q + q2 Average cost will be minimum when it's…

Q: Which of the costs discussed in the chapter is the most important when a firm is deciding how much…

A: The analysis of all costs is necessary for a firm. But analyzing marginal cost is most important.…

Q: d) If James decides to make a total of 51rolls and pies per day and charges different prices as…

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Q: 6. If the Marginal Cost for a product is found to be MC = 8x + 60, and the Marginal Revenue is given…

A: We are going to use Profit maximization method to answer this question. Use differentiation and…

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A: In business, the average total cost, or ATC, is the sum of all product costs divided by the volume…

Q: 1.  It costs $25,000 to build 30 refrigerators. It costs $30,000 to build 40 refrigerators.…

A: Cost: It is the value of goods and services in terms of money.

Q: (a) How can the marginal revenue be found? OA. Find R(x) - C(x). O B. Find the derivative of R(x).…

A: Marginal revenue measures the change in a firm's total revenue due to the sale of additional units…

Q: Explicit cost is = $900 Implicit cost = $333 Find the economic profit???

A: Generally in the given question The value of explict cost = $900 The value of the implicit cost =…

Q: . A firm’s production is represented by the following function: Q = L0.4 K0.6 . The rental rate of…

A: The link between the physical production and the numerous production parameters, or the output to…

Q: 1. If the average cost of a plant to produce a "q" unit is explained by the functions below this: C…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…

Q: Using the figure above, what is the total cost for the firm?

A: Total cost is the summation of total fixed cost and total variable cost. The average total cost to…