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?
Which of the following represents a long-run decision for the firm? a. rehiring workers who were previously laid off. b. determining what price to charge for a given level of output. c. deciding how much output to supply to the market at the current market price. d. building another wing on the plant in order to add a new assembly line. answer. (d. building another wing on the plant in order to add a new assembly line.) Please help me explain this questions. Thanks in advance
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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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