n 1997, researchers at Texas A&M University estimated the operating costs of cotton gin plans of various sizes. A quadratic model of cost (in thousands of dollars) for the largest plants was found to be very similar to: C(q)=0.023q^2+21.8q+326 where q is the annual quanity of bales (in thousands) produced by the plant. Revenue was estimated at $70 per bale of cotton. find the MC(q)/MR(q)/MP(q)/

n 1997, researchers at Texas A&M University estimated the operating costs of cotton gin plans of various sizes. A quadratic model of cost (in thousands of dollars) for the largest plants was found to be very similar to: C(q)=0.023q^2+21.8q+326 where q is the annual quanity of bales (in thousands) produced by the plant. Revenue was estimated at $70 per bale of cotton. find the MC(q)/MR(q)/MP(q)/

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 17SQ

See similar textbooks

Related questions

Q: a) type the profit function of the manufacturer,?(?, ?). B) determine the end points of the profit…

A: Total Revenue -: It refers to the total receipts of a firm from the…

Q: In order to produce a new product, a firm must lease equipment at a cost of $25,000 per year. The…

A: The highest variable cost for break even on this project can be calculated as follows.

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) A manufacturer’s marginal cost (MC) function is given by: 1000 MC = V3Q+12 Find the equation of…

A: We have, Marginal cost = MC(Q)= 10003Q+12 The function of the total cost (TC) is the integration of…

Q: Suppose that the monthly cost, in dollars, of producing x chairs is C(x)=0.005x³ +0.07x² + 19x +…

A: Marginal cost is the additional cost required in order to produce an additional unit of output.

Q: If C = 0.0001Q2 + 3Q + 6000 is a total-cost function, find the marginal cost when Q = 100.

A: Marginal cost is the cost of the last unit produced, and it is a change in total cost for the last…

Q: C(Q) = 100 + 20Q + 15Q2 + 10Q3 Based on the cost function, determine: The average fixed cost of…

Q: From the following cost function find the Average Cost, Variable Cost and Marginal Cost Function.…

A: Total cost is the cost of producing all the units of good. Average cost is the cost of production…

Q: et Services is a manufacture of parts for the commercial aircraft. The company is established in…

A: A cost function [TC(Q)] is a mathematical representation of the relationship between the cost of…

Q: Firm Z's total cost is: TC (q) = q² + 3q + 1. Provide the algebraic expressions for VC(q), AVC(q),…

A: Price = $4.5 Firm Z only sells when the price of face mask increases to $ 5. Total cost function of…

Question

In 1997, researchers at Texas A&M University estimated the operating costs of cotton gin plans of various sizes. A quadratic model of cost (in thousands of dollars) for the largest plants was found to be very similar to:

C(q)=0.023q^2+21.8q+326

where q is the annual quanity of bales (in thousands) produced by the plant. Revenue was estimated at $70 per bale of cotton.

find the MC(q)/MR(q)/MP(q)/

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: (Source: Johnston, "Chapter 4," in Statistical Cost Analysis) AVC = 1.24 + 0.0033Q + 0.00000290² Q = output; measured in millions of kWh per year Z = plant size; measured in thousands of kilowatts where AVC = average variable cost (i.e., working costs of generation), measured in pence per kilowatt-hour (kWh). (A pence was a British monetary unit equal, at that time, to 2 cents U.S.) What is the long-run total variable cost function for electricity generation? 1.24 +0.0033 +0.0000029Q -0.000046Z 0.026Z 0.000182² Q Q Q ○ 0.0033 +20.0000029Q -0.000046 Z O 0.0033Q +20.00000290² - 0.000046 QZ O 1.24Q +0.0033Q² +0.0000029Q³ – 0.000046Q²Z – 0.026ZQ+0.00018Z²Q What is the long-run marginal cost function for electricity generation? 0.000046 QZ O 0.0033Q +20.0000029Q² +0.000046 QZ O 1.24 +0.0066Q+0.0000087Q² - 0.000092QZ – 0.026Z+0.00018Z2 O +0.0033…
For the cost function CQ) = 75 - 40 - 202, the marginal cost of producing 5 units of outout is:
Azree an accountant, working for a foreign consultant firm and earning RM 78,000 per year is contemplating giving up his job and set up his own tax consultant firm. He estimates that renting an office would cost RM 780 per month, hiring a secretary with salary RM 1,500 per month and purchasing for required supplies would cost him RM 10,000 per annum. He estimated that his total revenues for the year would be RM 120,000. a)Define the explicit cost and implicit cost
please do c, d, e
A manufacturing company produces solar panels. The variable costs are $20 per unit and fixed costs are $10,875. The price demand relationship for this product is P=-0.25Q+ 250, where P is the unit sales price of the product and Q is the demand of solar panels. Given the following: • Total cost = Fixed cost + Variable cost • Revenue = Demand x Price • Profit = Revenue - Total cost 26. The equation that represent the total cost is: a. ($10,875+$20) Q b. $10,875-$20 Q c. $10,875 × $20 Q d. $10,875+$20 Q 27. The equation that represent the total revenue is: a. $0.25Q²+$250Q b. - $0.25Q²+$250Q c. - $0.25Q²-$250Q d. $0.25Q²-$250Q
only d,e,f please
A study of 86 savings and loan associations in six northwestern states yielded the following cost function. C� = 2.38 - 0.006153Q� + 0.000005359Q2�2 + 19.2X1�1 (2.86) (3.08) (3.68) (2.96) where C� = average operating expense ratio, expressed as a percentage and defined as total operating expense ($ million) divided by total assets ($ million) times 100 percent. Q� = output; measured by total assets ($ million) X1�1 = ratio of the number of branches to total assets ($ million) Note: The number in parentheses below each coefficient is its respective t-statistic. Which of the variable(s) is (are) statistically significant in explaining variations in the average operating expense ratio? (Hint: t0.025,70=1.99�0.025,70=1.99.) Check all that apply. Q� Q2�2 X1�1 What type of average cost-output relationship is suggested by these statistical results? Quadratic Cubic Linear Based on these results, what can we…
For the following problem, what would be the objective function that aims at minimizing the total cost considering that X1, X2, X3, and X4 are the number of units produced and sold of Products 1, 2, 3, and 4, respectively? Manufacturing time (hr) per unit Machine Cost per hr ($) Product 1 Product 2 Product 3 Product 4 Capacity (hr). 10 2 4 2 500 5 3 1 2 380 4 7 1 450 Unit selling price ($) 75 45 O a. 20X1+30X2+40X3+20X4 O b. None of the answers OC. 75X1+70X2+55X3+45X4 Od. 63X1+52X2+53X3+34X4 123 دي دا فيا 70 2 55
For the cost function CQ) = 100 - 20 - 304, the total variable cost of producing 2 units of output is:
A company makes solar panels. The company’s revenue function, in dollars, is R(n)=10n , where n is the number of panels produced. The cost function is C(n)=100(2)π/30 . R and C are shown on the graphbelow. a) Estimate from the graph i) the break-even points ii) the number of panels that should be produced for maximum profit b) Write the equation for the profit function P. c) Graph P. d) Use your graph of P to estimate the number of panels that give maximum profit. e) How would your answers for break-even points and maximum profit change if i) the number of dollars of revenue per panel is increased slightly? ii) the cost function is C(n)=100(2)π/35 changed to ? f) What does the number that was changed in part e) ii) represent?
A study of 86 savings and loan associations in six northwestern states yielded the following cost function. C = 3.12 - 0.006768Q + 0.000005359Q2 +21.1X1 (3.12) (2.61) (2.89) (2.96) where C = average operating expense ratio, expressed as a percentage and defined as total operating expense ($ million) divided by total assets ($ million) times 100 percent. Q = output; measured by total assets ($ million) X1 = ratio of the number of branches to total assets ($ million) Note: The number in parentheses below each coefficient is its respective t-statistic. Holding constant the effects of bank branching (X1), what is the level of total assets that minimizes the average operating expense ratio? $1,262.92 million $1,558.81 million $631.46 million $460.99 million What is the average operating expense ratio for a savings and loan association with the level of total assets determined in the previous part and 1 branch? 1.17% 3.15% 1.02% 5.63% What is the ratio with 10 branches instead? 5.93% 1.47%…
Company XYZ projects their revenues for the given quarter to be modeled by the function R(z) = 12z - 6z + 2000, where x represents the number of goods sold and R(x) the price. The fixed costs for Company XYZ include rent and wages, and is a total of 10000 each month and the variable costs for the quarter can be modeled by the function V (2) = 12x + 1000. (a) Find the break-even point for Company XYZ. [ Select) (b) Find the marginal profit function. I Select ]