Answered: Q (1) If the total costs function of a…

Q (1) If the total costs function of a particular economic project is as follows: Required: Find the marginal cost function and the average cost function. Tc = 35 + 40 Q 1:37 PM

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter3: Benefits, Costs, And Decisions

Section: Chapter Questions

Problem 7MC

See similar textbooks

Related questions

Q: The cost, in thousands of dollars, of airing x television commercials during a sports event is given…

A: Marginal cost, C'(x) = change in total cost / change in quantity = δ(C)δx

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: Q (6) If the average cost function for a particular economic project is as follows, find: a. The…

A: Marginal cost is the additional cost that is incurred in the production of additional units of the…

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: Total function, TC=1000 +10Q^2 .Determine the output level that minimizes Average Total Cost and…

A: Total cost (TC): This is the minimum cost, which entails all the costs, incurred in producing a good…

Q: A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded…

A: Total Cost consists of both fixed cost and variable cost. Fixed Cost will remain constant at all…

Q: Consider the following variable cost function: VC = 120Q – 9Q2 + 0.25Q3 Fixed costs are equal to…

A: The objective of the question is to determine the average variable cost function and the marginal…

Q: For the total cost in function: TC=15Q-8Q2+Q3, what is the output level (Q) when producing at…

A: The objective of the question is to find the output level (Q) at which the average total cost (ATC)…

Q: A division of Chapman Corporation manufactures a pager. The weekly fixed cost for the division is…

A: The goal of every firm is to maximize its profits. Profits are the excess of revenue receipts over…

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: 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: Cost, revenue, and profit are in dollars and x is the number of units. If the daily marginal cost…

A: Given, Marginal cost (MC) = 4x+150 Fixed cost (FC) = $600 Here MC = dCdX

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: 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: Given the cost function C(x)=2x²-3x² +7x+2, find the minimum marginal cost. The minimum marginal…

A: Given:- Cost function: C(x)=2x3-3x2+7x+2 To calculate:- Minimum marginal cost=? Please find detailed…

Q: For the cost function C0) = 100 - 20 - 30, the total variable cost of producing 2 units of outout…

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

Q: A manufacturing company is currently producing 1,000 units of a product at a total cost of $10,000.…

A: Economies of scale refer to the cost advantage that companies experience when they increase their…

Q: A study of 86 savings and loan associations in six northwestern states yielded the following cost…

A: A cost function is a functional relationship between cost and output.It can be expressed as, where C…

Q: MC=500Q2√Q3+5 (b) Find the total cost function

A: Marginal cost is defined as the cost which is incurred by the producer in order to produce one more…

Q: For the long- run total cost function LTC (Q) = Q2 + 10 Sketch ATC, AVC, AFC, and MC.

A: Firm theory investigates the arrangement, composition, and conduct of businesses within economic…

Q: You start crearing personaize hone cases. Suppose the quantity of cases demanded each month is…

A: (a) The average (AC) costs refer to per unit cost of production. It is obtained by dividing total…

Q: Suppose that the cost, in dollars, for a company to produce x pairs of a new line of jeans is…

A: Given Cost Function C(x)=7000+6x+0.01x^2+0.0002x^3

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: For the cost function C(Q) = 158 + 2Q + 2Q2, what is the average variable cost of producing 3 units…

A: The total variable cost (TVC) per unit of output (Q) produced is termed ‘average variable cost’. It…

Q: An average variable cost function is estimated as AVC = 96-2Q + 0.05Q2. Which of the following cost…

A: When talking about cost functions of a firm, it can be said that these coste function are…

Q: Assume that the operation has the cost function CIC) = 200 - 30 - 80- 40 and the marginal cost…

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

Q: Assume that it costs a company approximately C(x) = 400,000 + 160x + 0.003x² dollars to manufacture…

A: Marginal cost is defined as the change in total production resulting from producing an extra unit of…

Q: For the given cost function C(x)=250√x+ x^2/3375 -find a) The cost at the production level 1100…

A: Given: C(x) =250x+x23375

Question

Q (1) If the total costs function of a
particular economic project is as
follows: Required: Find the marginal
cost function and the average cost
function. Tc = 35 + 40 Q
1:37 PM

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

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

A cost function, Cix), is given below. Find the average cost per item when the required number of iteros are produced. C(x)=22x+1200, 1000 items What is the average cost per item? $23.20
MC=500Q2√Q3+5 (b) Find the total cost function
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)30. R and C are shown on the graph below. 1000 800 600 400 200 1 20 40 60 80 100 in Number of Panels 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 ) the number of dollars of revenue per panel is increased slightly? ii) the cost function is changed to C(n) 100(2)35? f) What does the number that was changed in part e) ii) represent?| %3D Dollars
What is the value of the exponent in the costcapacity equation if a pump half the size of a similar, but larger one, costs exactly half as much as the larger one?
Derive the average cost function from :TC = 20 + 10Q + Q2/2
(2) Minimize the average cost for the following total cost function (TC) by finding out (a) average cost function; (b) the critical values (the output values) at which AC is minimized; (c) checking the second order conditions; and (d) the minimum average cost. TC(Q) = Q' - 50² + 60Q.
a） Find the equation of the total cost function if total costs are 5200 when ? = 8.
a) A manufacturer's marginal cost (MC) function is given by: 1000 МС — 3Q+12 Find the equation of the total cost function if total costs are 5200 when Q = 8.
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 ]
For the cost function CQ) = 100 - 20 - 304, the total variable cost of producing 2 units of output is:
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
A company produces two different versions of a certain product. Let q₁ indicate the amount produced of the first version. The cost function c(q₁) for the first version (expressed in euros) can be described by the equation c(q₁) = 9₁ · √√0.59² +59₁ 10 a) For which value(s) of q₁ is the instantaneous rate of change of the cost function equal to 1.75? You may use the graphical calculator to find zeros of a polynomial function if needed. b) Using the result from a), give a precise economic meaning for the instantaneous rate of change of 1.75. We now denote 92 as the amount produced of the second version. The equation of the cost function c(9₂) for the second version is unknown. We do know that the current cost for a production of 2 units of the second version is 50 monetary units and that the elasticity of the cost in terms of the produced amount when 92 = 2 is equal to 1.88. c) Give a linear approximation ƒ of the cost function c(9₂) for production amounts close to q₂ = 2.