Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could eam is $300. Calculate your economic profit. (Do not include a $ sign in your answer.) Answer: Check Suppose the total cost function for a firm is given by: TC= 100 + 2q +0.5q2. Find the marginal cost function and then use that to determine the marginal cost of the 10th unit.

Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could eam is $300. Calculate your economic profit. (Do not include a $ sign in your answer.) Answer: Check Suppose the total cost function for a firm is given by: TC= 100 + 2q +0.5q2. Find the marginal cost function and then use that to determine the marginal cost of the 10th unit.

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

Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you
grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could eam is
$300. Calculate your economic profit.
(Do not include a $ sign in your answer.)
Answer:
Suppose the total cost function for a firm is given by: TC= 100 + 2q +0.5q2.
Find the marginal cost function and then use that to determine the marginal cost of the 10th unit.
(Do not include a $ sign in your response.)
#
Answer:

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