product is P = 78-15Q, where Q = Q₁ + Q₂. The marginal cost associated with producing in the two plants are MC₁ = 3Q₁ and MC2 = 2Q2. How much output should be produced in plant 1 in order to maximize profits? A. 1 B. 2 C. 3 D. 4 trin to Taiwan of 3 How

product is P = 78-15Q, where Q = Q₁ + Q₂. The marginal cost associated with producing in the two plants are MC₁ = 3Q₁ and MC2 = 2Q2. How much output should be produced in plant 1 in order to maximize profits? A. 1 B. 2 C. 3 D. 4 trin to Taiwan of 3 How

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4. You are the manager of a firm that produces output in two plants. The demand for your firm's
product is P = 78 - 15Q, where Q = Q₁ + Q₂. The marginal cost associated with producing
in the two plants are MC₁ = 3Q₁ and MC2 2Q2. How much output should be produced in
plant 1 in order to maximize profits?
A. 1
B. 2
C. 3
D. 4
trin to Taiwan of -3 How

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In the long run, if 1,000 units are produced at a cost of $8,000 and 1,200 units at a cost of $9,200, then in this output range there are Select one: a. economies of scale b. increasing marginal returns c. diminishing marginal returns d. decreasing marginal costs e. diseconomies of scale
Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows: 1. Show to calculate for the table below Output TFC TVC TC AFC AVC ATC MC 0 1000 1 100 2 100 3 400 4 450 5 1600 6 3200 7 6400 a) Given the partial data available, finish the table and calculate all the costs. b) What is the minimum efficient scale of Vinnie’s company? c) What is the marginal cost of 6 houses? d) If Vinnie charges $825 per house, how many houses he should paint to maximize profits?
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f production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the aver ecimal places.) Output (q) VC C MC AFC AVC AC 1 $100 $64 112 $164 $64 48 $100.00 $64.00 $164.00 50.00 56 00 106.00 2 100 212 3. 100 144 244 32 33.33 48.00 4. 100 160 16 25.00 40.00 65.00 100 192 292 -32 20.00 58 40 9. 100 340 48 16.67 40.00 56.67 7. 100 -304 404 14.29 4343 57.71 100 -384 484 80 48.00 60.50 53.33 59.20 9. 100 480 580 96 11.11 64.44 10 100 592 112 10.00 F.
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Please explain on how I can calculate the missing numbers
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The correct answer to whether it should be produced is that the firm should produce in the short term if it can either make a profit or a loss less than its total costs. True or false
Provide details/explanations of your solutions,indicate any formulas you are using and clearly show your work.
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Q39
Which of the following statements correctly explains the average cost and the marginal cost of production? a. Marginal cost is equal to the profit- maximising price set by a firm that produces a differentiated good. b. Average cost is the vertical intercept of the total cost curve. C. Marginal cost is calculated as the total cost divided by the quantity d. Average cost is at its minimum when it is equal to marginal cost. e. Marginal cost is always higher than average cost.