K Suppose that a firm's production function is q=5x0.5 in the short run, where there are fixed costs of $1,000, and x is the variable input whose cost is $625 per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q). The total cost of producing level of output q is OA. C(q) 1,000. OB. O C. OD. OE q² C(q)= 1,000+ 25 625q² C(q) 1,000+ 25 C(q)= 1,000+ 625q² C(q)= 25
K Suppose that a firm's production function is q=5x0.5 in the short run, where there are fixed costs of $1,000, and x is the variable input whose cost is $625 per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q). The total cost of producing level of output q is OA. C(q) 1,000. OB. O C. OD. OE q² C(q)= 1,000+ 25 625q² C(q) 1,000+ 25 C(q)= 1,000+ 625q² C(q)= 25
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![K
Suppose that a firm's production function is
q=5x
in the short run, where there are fixed costs of $1,000, and
x is the variable input whose cost is $625 per unit.
What is the total cost of producing a level of output q? In
other words, identify the total cost function C(q).
The total cost of producing ya level of output q is
A. C(q)= 1,000.
OB.
OC.
OD.
OE
C(q)= 1,000+
C(q)= 1,000+
C(q) = 1,000+
625q²
C(q)= 25
q²
25
625q²
25
0.5
q
B
Dollars per unit of output
2000-
1800-
1600-
1400-
1200-
1000-
800-
600
400-
200-
a
12 14 10
Quantity
nchack
18
(1)
Incorrect](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc149747b-c09a-40fb-ba03-c83aa19d24e6%2Fe96421ea-1bbb-4ba8-be31-b3132ffc4e58%2F9c19rfo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:K
Suppose that a firm's production function is
q=5x
in the short run, where there are fixed costs of $1,000, and
x is the variable input whose cost is $625 per unit.
What is the total cost of producing a level of output q? In
other words, identify the total cost function C(q).
The total cost of producing ya level of output q is
A. C(q)= 1,000.
OB.
OC.
OD.
OE
C(q)= 1,000+
C(q)= 1,000+
C(q) = 1,000+
625q²
C(q)= 25
q²
25
625q²
25
0.5
q
B
Dollars per unit of output
2000-
1800-
1600-
1400-
1200-
1000-
800-
600
400-
200-
a
12 14 10
Quantity
nchack
18
(1)
Incorrect
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