or each of the following cost-output relationships, describe the shape (U-shape, decreasing, increasing, constant) of the average total cost and marginal cost functions (C = total cost, Q = output): (a) C= 42,500,000 + 2550Q (b) C= 8.48 + 0.65Q + .00220Q²

or each of the following cost-output relationships, describe the shape (U-shape, decreasing, increasing, constant) of the average total cost and marginal cost functions (C = total cost, Q = output): (a) C= 42,500,000 + 2550Q (b) C= 8.48 + 0.65Q + .00220Q²

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Suppose a company has fixed costs of $36,000 and variable cost per unit of +222 dollars, where x is…

A: Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

Q: Suppose a company has fixed costs of $53,200 and variable cost per unit of 1/3x + 444 dollars,…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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: Your boss is the director of reporting for the Athens County Construction Agency (ACCA). It has…

A: An index number, also known as an index, is a statistical measure designed to track changes over…

Q: None

Q: The average cost function for skateboards is given by: AC = (15)^2 - 30(15) + 350 = 225 - 450 + 350…

A: The relationship between average cost (AC) and marginal cost (MC) is crucial for understanding…

Q: The daily cost function for producing x printers for home computers was determined to be C(x) = x²…

A: Given TC = C (x) = x2 + 8x + 6000

Q: A company makes solar panels. The company’s revenue function, in dollars, is R(n)=10n , where n is…

A: Note: Since more than 3 sub-questions are asked, due to Bartleby policy we are allowed to answer not…

Q: The total cost C for a manufacturer during a given time period is a function of the number N of…

A: Slope = 20Initial Value = $1020Formula Total Cost = Fixed Cost + Variable Cost

Q: A firm's fixed costs are 180 and the variable costs are 3Q per unit. Based on this information,…

A: Total cost is the total expenditure that the producer incurs on the production of the output. Now…

Q: (a) The revenue from selling q items is R(q) = 50q - q 2 and the total cost is C(q) = 15 + 10q i.…

A: Given: R(q) = 50q - q2C(q) = 15 + 10q (i) Fixed cost is that component of total cost function that…

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: The total cost function for a product is C(x) = 875 ln(x + 10) + 1600, where x is the number of…

A: The cost function calculates the lowest possible cost of manufacturing a specified quantity of…

Q: 2) For the following cost functions calculate and plot the average fixed costs, average variable…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Consider the following cost function: C(Q)=9,300+44Q+0.025Q 2 Calculate total costs when Q=180

A: The cost function calculates the lowest possible cost of manufacturing a specified quantity of…

Q: The estimated cost to produce x items is given by the function: C(x)= 0.004x² + 5x + 6000 Determine…

A: Marginal Cost (MC):Definition: Marginal cost is the additional cost incurred by producing one more…

Q: The function C(x)=−24x+1936 represents the cost to produce x items. What is the least number of…

A: Here we are given the total cost function. Dividing that by the number of units we will get the…

Q: For a production function q= f(K, L) = K^1/3 L^1/3 and factor prices w=8 and r=1, answer the…

A: Returns to scale refer to the change in output that occurs when all inputs (capital, K, and labor,…

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: In the following problem, c represents the average cost per unit, which is a function of the number…

A: Marginal cost refers to the addition to the total cost when one more unit of the variable factor is…

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

A: Average Cost is the per unit cost while marginal cost is the change in total cost for next unit

Q: What is the marginal cost, if the cost function given is C(Y)=6 a) Y? b) 3Y c) 6Y d) 12Y

A: Marginal cost refers to an additional cost that occurs from producing one more unit of output.

Question

For each of the following cost-output relationships, describe the shape (U-shape, decreasing, increasing, constant) of the average total cost and marginal cost functions (C = total cost, Q = output):

(a) $ C = 42,500,000 + 2550Q $

(b) $ C = 8.48 + 0.65Q + 0.0022Q^2 $

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 Part A

Step 3

Step 4 Part B

Step 5

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 2 images

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

MC=500Q2√Q3+5 (b) Find the total cost function
C(q) = 10 + 15q + 4q2 (a) Find the ATC, AVC, AFC and MC(b) Find the minimum of the ATC and plot the functions found in (a)(c) Give an intuitive explanation for the shape of the ATC, MC and explain the relationship between both cost functions.
From the following cost function find the Average Cost, Variable Cost and Marginal Cost Function. C(Q) = 4Q3-56Q2+14000Q.
please complete part D for both Thank you
Find the cost function for the marginal cost and fixed cost. Marginal Cost dC dx = +40 80 Fixed Cost (x = 0) $2,500 C =
Here is the production cost function, in $ of producing q units of a product: 2200 C(q) = 300 +0.8q2 + %3D and the demand function of the product is: p(x) = 200 - 0.05q a. Determine the marginal cost, marginal revenue and marginal profit when q=50 and q=150? b. Interpret the results of the calculation in part (a) if it is related to cost, revenue and profit?
Assume that it costs a company approximately C(x) = 400,000 + 160x + 0.003x² dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) (10,000) = = per smartphone. The exact cost of producing the 10,001st smartphone is $ $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is ---Select--- than the average cost from (b). This means that the average cost is ---Select--- Thus, there is a difference of $ at a production level of 10,000 smartphones.
Please don't use excel and show equations used.
3. Minimize the following total cost function: TC = Q³ – 10Q2 + 48Q + 46.
Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C (z), the cost of producing z items (of whatever they are selling). This question deals with just the cost function C (z). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C (z) = 5z – 8/I – 3. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number
If C = 0.0001Q2 + 3Q + 6000 is a total-cost function, find the marginal cost when Q = 100.
For the given cost function C'(x) = 78400 + 200x + x², First, find the average cost function. Use it to find: a) The production level that will minimize the average cost X = b) The minimal average cost $