Suppose the total cost of producing widgets can be described by Y=10X²+50X+100 where Y is the total cost per year and X is the number of widgets. a. Based on the cost function, what are the fixed and variable costs of widget production? b. Using Excel, graph the marginal cost curve, the average total cost curve, and the average variable cost curve (for a range of X from 1 to 10). c. In a competitive market place, how much would the firm produce and what would be its level of profit if price were equal to $140?

Suppose the total cost of producing widgets can be described by Y=10X²+50X+100 where Y is the total cost per year and X is the number of widgets. a. Based on the cost function, what are the fixed and variable costs of widget production? b. Using Excel, graph the marginal cost curve, the average total cost curve, and the average variable cost curve (for a range of X from 1 to 10). c. In a competitive market place, how much would the firm produce and what would be its level of profit if price were equal to $140?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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