Michael must pay $700 for a statistical package, plus $140 for each additional analysis add-on. Find a cost function to help Michael determine how many add-ons he can afford to buy. Use C(x) to represent the cost function.

Michael must pay $700 for a statistical package, plus $140 for each additional analysis add-on. Find a cost function to help Michael determine how many add-ons he can afford to buy. Use C(x) to represent the cost function.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section8.4: Costs Of Production: Total, Average, Marginal

Problem 1ST

See similar textbooks

Related questions

Q: Calculate the value of total cost if average cost is $42 and total units is 5

A: In the above given question, we are given with the values of average cost and total units as:-…

Q: why is the fixed cost 10?

A: Fixed cost doesn't change with the change in the number of output.

Q: What is the average total cost when producing three units? average total cost: $

A: What is the total cost when producing zero units.

Q: What is the value of the exponent in the costcapacity equation if a pump half the size of a similar,…

A: The value of correlation exponent can be calculated as follows:

Q: a bus which holds at most 45 people to go to an educational tour in a museum. The bus company…

A: Firms use the total cost function to compute their profits. The total cost function consists of…

Q: Someday, if you want to be an economist or to study more about economic analysis, what platform you…

A: While studying economics, economists have the capability to reduce costs while using different…

Q: A firm manufacture robots, for which $10000 machinary is used. The additional per unit cost is $100.…

A: Fixed cost of production = $10000 Variable costs of production = $100 Number of units produced = 5

Q: For a cost function C = 100 - 100 - 02 the average variable cost of producing 20 units of outout is

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Your local pet café has the following costs: $3,000 per month in rent, $5,000 per month in wages,…

A: Firms operating in a market incur fixed costs and variable costs. Fixed costs are the costs that do…

Q: A firm manufacture robots, for which $10000 machinary is used. The additional per unit cost is $100.…

A: Given fixed cost = $10000 Variable costs = $100 Number of units = 5

Q: What is the difference between a price analysis and a cost analysis

A: The Price Analysis and Cost Analysis are both methods to estimate the costs of a project. But the…

Q: What will be the value of average cost if Total cost is $405 and the output is 30 units

A: The data presented in the question above is:- Total cost = $405 Output = 30 units We need to find…

Q: True or False Total cost can increase as a result of an increase in variable cost.

A: Total cost It refers to all of the costs and expenses incurred throughout the manufacturing process.…

Q: Calculate average cost when total cost is $100,000 and output is 74 units

A: We are given that:- Total cost incurred by the firm = $100,000 Total output = 74 units

Q: If fixed cost is half the value of variable cost and variable cost is $2200 Find total cost

A: The data presented in the question is as follows:- Variable cost = $2200 Fixed cost is half of…

Q: How would the following cost be classified? Rent that would be received if an owned building were…

A: In economics, costs are classified based on their impact on an individual such as direct cost or…

Q: If the total revenue is 184 units in the total profit is 132 units find the total cost?

Q: If total cost is $600 and output is 10 units Calculate average cost

A: According to the above mentioned question, we have:- Total cost= $600 Output = 10 units Average…

Q: A local non-profit group prints a weekly newsletter. Professional typists earn $10 per hour and can…

A: Assumptions:- Group of answer choices 5 pros + 0 volunteers ; $0 lunch and driving 0 pros + 10…

Q: Calculate the total cost if average total cost is $35 and the unit of output is 22 units

A: The Given information is as follows:- Average total cost of the firm = $35 Units of output = 22…

Q: How can we determine the Cost Basis?

A: Calculation of the cost basis of an investment shows the capital gain or loss on it. It indicates…

Q: An equation that can be used to determine the total cost, C(t), of the phone plan for t months is…

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

Q: out the following cost chart. Round to the nearest tenth.

A: Every production unit incurs certain amount of costs for production. They have to buy raw materials,…

Q: The number of units that minimizes the average cost is

A: The average cost is the cost computed by diving the total cost of production by the total quantity.

Q: A firm manufacture robots, for which $1000 machinary is used. The additional per unit cost is $100.…

A: Total cost is the sum of fixed cost and variable cost. Variable cost is a cost that varies with the…

Q: The total cost function for a product is given by C(x) = 3x3-9x² -243x + 1229, where x is the number…

A: Given cost function C(X)=3X3-9X2-243X+1229TC should be 50000 at least

Q: Find average cost if output produced is 24 units and the total cost is $8700

A: The data presented in the question above is:- Output produced by firm = 24 units Total cost = $8700…

Q: Each of Davisson's production managers (annual salary cost, $45,000) can oversee 60,000 machine…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: If total cost is $370 Find the value of total fixed cost if total variable cost is $210

A: According to the above given question, the values given are:- Total cost = $370 Total fixed cost = ?…

Q: A technology firm has determined that their lowest total cost production technology is $880. If…

A: The lowest total cost of production technology is $880 The machines cost is $100 The company has…

Q: In 2019, X Company sold 5,250 units of its only product. Total revenue was $1,345,575, total…

A: Total Revenue is the total amount earned by the seller after selling the goods and services or we…

Q: Identify each of the following costs associated with owning an automobile as direct (D) or indirect…

A: The costs involved in the production of a good or service are direct and indirect costs. A direct…

Q: Refer to Table Cost.EX2. When production is 4 units, the firm's average total cost is about

A: Average Total Cost = (Total fixed cost + Total Variable Cost) / Output

Q: Derive (Mathematically and graphically) the cost minimization condition.

A: Let’s assume the following in order to derive the cost minimization conditions.

Q: Suppose isoquant curves are smooth and bend in towards the origin and the cost minimization point is…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: In detail, What is one example of a non-linear cost function and explain what factors cause the…

A: A cost function whose graph of total cost within a relevant range is not a straight line is defined…

Q: If average cost function is :- 13Q - 54 Find the total cost function

A: The average cost function of the firm is given to us:- 13Q - 54 We are supposed to find the total…

Q: If the Total variable cost is 60units and the given quantity is 3 Find the average variable cost

Q: When the production volume (Q)is(100)units and the total costs (TC)is (1500) omani RIyals and fixed…

A: Total cost = Fixed cost + Variable cost

Q: What is the formulae used to find unit cost?

A: A unit cost is a net cost borne by a business to manufacture, store, and sell one unit of a product…

Q: Total variable cost is $40 and total fixed cost is half of it. Find total cost

A: According to the above mentioned question, the values are:- Total variable cost = $40 million Total…

Q: Billco had a total cost of $10,000 when it sold 200 units. It had a total cost of $14,000 when it…

A: Total cost is the sum of Fixed cost and variable cost. Fixed cost is the cost that remains same at…

Q: Find average cost if Total cost is $1000 and the output is 60 units

A: The information given to us is as follows:- Total cost = $1000 Output of the firm = 60 units…

Q: While drawing cost curves, the state of technology must be kept constant True/False

A: # Cost curve is drawn taking into use th fixed cost of the firm and the variable cost incurred by…

Q: 1) Order size (inventory):The Liquor Control Board orders 30,000 cases of French wine in a year. It…

A: Disclaimer: Since you have posted a question with multiple subparts, we solve the first three parts…

Q: Calculate the average cost when the total cost for the production of 3 units is $75

A: # Average cost is given as the ratio of total cost and the total quantity produces. That it:- AC =…

Q: Q.6 To express relationship between the average cost functions, which of the following is true: (a)…

A: # We know well that the total cost function is given by the sum of total fixed cost and total…

Q: A parking lot charges $2 per hour for the first 4 hours, then $3 per hour after that. Which…

A: Total cost(TC) function shows how cost(C) changes(Δ) when the parking hours(hrs) changes(Δ). The…

Q: Which of the following describes an implicit cost? NO opportunity cost is involved. NO outlay of…

A: Cost can be of two types, explicit cost and implicit cost.

Question

Expert Solution

Step 1

The cost for a statistical package is fixed is fixed because it must pay.

The cost of analysis is variable cost because it will increase as Michael will add-on analysis in it.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If rate is asked, your input should be in percentage.
Make a Cost-Driven Design Optimization similar to thie
Kindly give me right solution with clear calculations. Don't use any software
A person buys a phone for $84 and signs up for a single-line phone plan with 2000 monthly anytime minutes. The plan costs $118.92 per month. Write an equation that can be used to determine the total cost, C(t), of this phone plan for t months. Then, find the cost for 22 months, assuming that the number of minutes the person uses does not exceed 2000 per month. An equation that can be used to determine the total cost, C(t), of the phone plan for t months is C(t) = (Use integers or decimals for any numbers in the expression.) The cost for 22 months, assuming that the number of minutes the person uses does not exceed 2000 per month, is $
Find average cost if Total cost is $1000 and the output is 60 units
major league baseball plans to sell special commemorative jerseys for the world series. the suppliers says that costs will be C(x)= 10x2-680x-20,000 dollras dor making x jerseys. MLB plans to sell them for 120 dollars each. how many jerseys must be sold for MLB to make a profit?
The total cost (in hundreds of dollars) of producing x calculators per day is given by the equation. 20- 15- 10- C(x) = 6 + /2x + 32 Osx< 50 Perform the following calculations and interpret the results. 10 20 30 40 50 Production C'(x) =U %D Cost (hundred dollars)
how do you know the total variable is 50 when finding the total fixed cost?
The fixed overhead expense of a manufacturer of children’s toys is$400 per week, and other costs amount to $3 for each toy produced. Find (a) the total cost of function (b) the average cost function, and (c) the marginal cost function. (d) show that there is no absolute minimum average unit cost. (e) what is the smallest number of toys that must be produced so that the average cost per toy is less than $3.42? (f) Draw sketches of the graphs of the functions in (a), (b), and (c) on the same set of axes.
A cost function is given. C(q) = 3600 + 5q-0.02q² + 0.00039³ (a) Find the average cost and marginal cost functions. +5 -0.02q +0.0003q average cost 3600 9 marginal cost 5 -0.04q+0.0009q (b) Use graphs of the functions in part (a) to estimate the production level that minimizes the average cost. (Round your answer to the nearest integer.) 194 ✓ units (c) Use calculus to find the minimum average cost. (Round your answer to two decimal places.) $ 32.41 X (d) Find the minimum value of the marginal cost. (Round your answer to two decimal places.) $ 4.56
Calculate the total cost based on: Cost fixed = $90 Cost variable = $45
If total cost is $3000 and fixed cost is $1000 Calculate variable cost