Answered: The total cost of a firm is…

Business

Economics

The total cost of a firm is TC(Q)=3Q2+4Q+37. Suppose its current output level is 7. Find its ATC.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Suppose a firm has following total cost function: TC=(2Q+4)(Q+3)+240. Find the fixed cost (FC),…

A: Given, TC=(2Q+4)(Q+3)+240 Total cost is defined as the total expenses that a company or firm has to…

Q: Suppose a firm has a marginal cost function given by MC(q)= q+1. What is the firm's total cost…

Q: Solve for the following: a. Marginal Cost b. Average Cost Suppose that a food manufacturing…

A: Cost is the expense that incur in the process of production. The marginal cost refers to the cost…

Q: Consider the following short run cost function: TC = 4Q3 - 24Q² + 16Q + 100 Derive the expressions…

A: Given Total cost TC= 4Q3-24Q2+16Q+100 We have to find the marginal cost and average total cost of…

Q: what is the minimum value of avc & mc B. Function or expression of TVC, AVC, AFC, ATC and MC

A: TC= 13q3-2q2+60q+100

Q: A firm's short-run production function is Q= 7L - 0.01L³.1. The cost per unit of labour is $5 and…

A: The production function in a market economy displays the causal relationship between supply (such as…

Q: A competitive firm uses two variable factors to produce its output, with a production function y =…

A: A firm in its initial days must determine the amount of output it must produce before turning…

Q: A firm producing hockey sticks has a production function given by q = 2vkl In the short run, the…

A: The total cost of production is the simple aggregate of the fixed cost and variable costs, in the…

Q: Assume that the situation can be expressed as a linear cost function. Find the cost function.…

A: The total cost function comprises of variable costs and fixed costs. The fixed costs remain the same…

Q: n firm has total cost of TC(y)=y² +1 and marginal cost of MC(y)=2y. At what level of output does the…

A: total cost (TC) is the minimum dollar cost of producing some quantity of output. This is the total…

Q: Consider a single-product firm and its total cost function: TC (Q)=60Q-20Q2+Q3. For what level of…

A: Economies of scale refers to the situation when firm's average total cost decreases with increase in…

Q: Suppose a firm has chosen its quantity so that its marginal cost isequal to the market price, and is…

A: Known fact:Economies of scale: The economies of scale is a situation in which output can be doubled…

Q: A firm has the following production fundion: q =min{K, 10L). where q denotes output, K denotes…

A: Part (a): q = min {K,10L} q = K = 10L Therefore equation 1 is K =q and equation 2 is q/10 =L Total…

Q: Total Cost Analysis The manager of a rival T-shirt stand found that her cost to produce 10 T-shirts…

A: The essence of total cost analysis is to identify all relevant costs over the entire life of a…

Q: is given ost for producing 15 units of outpu" s 3000 and for 16 units is 3,500 "ind the value of…

Q: The marginal cost function of a firm is defined by MC=25+30Q-9Q², if it's fixed cost is 55. Find the…

A: Given: The marginal cost is: MC = 25 + 30Q - 9Q2 The fixed cost is = 55 To Find: The total cost:

Q: Firm B's production function is F(K, L) = 10K + 12L. Input prices are r = 60 and w = 40. What is B's…

A: The production function represents the relationship between output and input.

Q: A Chinese high technology manufacturing firm has a production function of q=16L0 0.80K0.20 (based on…

A: In economics, the cost of creating each new unit of a commodity or service in the short run is shown…

Q: Suppose each firm of the industry has a short-run total cost curve of TC = 5+4q+q², where q is…

A: Total cost of production refers to the total monetary value incurred on fixed as well as variable…

Q: The cost function of a UC Irvine donut shop is: C(q)=10+ 10q + q?, so the marginal cost function is:…

A: Average cost or unit cost is equal to total cost divided by the number of units of a good produced:…

Q: Suppose a firm has an average total cost function given by: ATC = 9072/q +8 + 7q. Calculate the…

A: here we calculate the Quantity where ATC is minimized so the calculation of the following by using…

Q: If a firm's total costs are $100 when 10 units of output are produced and $103 when 11 units of…

A: Marginal cost is the additional cost incurred with an additional unit produced.

Q: A Chinese high technology manufacturing firm has a production function of q=12L0.20 0.80 (based on…

A: Given Production function: q=12L0.2K0.8 ...... (1) Input prices are w=$2 and r=$8…

Q: The total cost of a firm is TC(Q)=3Q2+4Q+34. Accordingly, its marginal cost is 2*3*Q+4 when its…

A: ATC is nothing but the average total cost which can be calculated dividing the total cost by the…

Q: If the production function of a firm is P = 60kl, where the price per unit of input k is $10 and I…

A: Production function of a firm : P = 60kl Price of per unit of k : r=$10 Price of per unit of l :…

Q: Suppose that the total cost function of a firm is TC = 1000 + 10Q2 a) Find the output level that…

A: Given the total cost function: TC = 1000 + 10Q2

Q: A firm's total short-run cost function is C(y)=5y3−12y2+110y+9 . What is the average variable…

A: The total cost is C(y)=5y3−12y2+110y+9 Fisxed cost is the constant term in the C. FC=9 VC=C-FC…

Q: Find the average cost function for each firm

A: Total cost is the expenditure that is incurred in the production of goods and services. It is the…

Q: The short-run cost function of a company is given by the equation TC=200+55q, where TC is the total…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Use the information in the graph to the right to find the values for the following at an output…

A: The marginal cost refers to the change in total cost of production that comes from producing an…

Q: An economist estimated that the cost function of a single-product firm is C(Q) = 100 + 20Q + 15 Q^2…

A: Total Cost is the cost that includes the fixed cost and variable cost of production. Cost function;…

Q: Suppose each firm of the industry has a short-run total cost curve of C=5+2q+q2, where q is output…

A: Total cost is the total cost of producing the goods. Total cost is the sum of total fixed cost and…

Q: Given below is the short run total cost function: (2+1=3) TC = 50 + 100Q-4Q2 + 2Q3 Calculate TFC,…

A: Total cost is the sum total of cost including the variable and fixed cost, average cost is the, cost…

Q: Marc Tech produces q units of smartwatches and their short-run total cost is given by STC = 3q2 -…

A: ATC=TC/Q

Q: A factory that you are managing has an hourly production process that can be represented by the…

A: Answer -

Q: Suppose the long-run production function for a competitive firm is f(x1,x2)= min {3x1,2x2}. The cost…

A: Cost minimization problem of producer: For the given output level the firm and per unit cost of…

Q: A Chinese high technology manufacturing firm has a production function of 0.80 0.20 q=16L (based on…

A: The Average Variable Cost (AVC) is the total variable cost per unit of output. Variable costs are…

Q: Problem 9: Given below is the cost schedule of a firm. Its average fixed cost is 20 when it produces…

Q: An economist estimated that the cost function of a single-product firm is C(Q) = 100 + 20Q + 15Q^2+…

A: The cost function of a single-product firm is: C(Q)=100+20Q+15Q2+10Q3

Q: A firm's long-run total cost curve is given as: TC (q) = 1000q-30q2+q3. At what quantity is the…

A: The minimum efficient scale (MES) is the balance point at which a company can produce goods at a…

Q: imagine your firm has total cost function C = 2q3 – q2 + 40q + 60. Suppose it operates with level of…

A: Total cost is the cost of producing the good for the firm. It includes the cost of all the inputs,…

Q: AC: g 4. Suppose a firm has the cost function TC(q) = 5Q³ w0.5 p0.5 What is the marginal and average…

A: Average Cost is the per unit cost of the good produce. It tells us how much each good is costing.…

Q: An economist estimated that the cost function of a single-product firm is: C(Q) = 90 + 30Q + 25Q2 +…

A: Fixed cost is the cost that doesn't change with the increase or decrease in quantity. Average fixed…

Q: 14. The research department of Acme, Inc. has determined the marginal cost function for one…

A: The marginal cost of production refers to the incremental cost incurred in the production of an…

Q: Suppose a firm’s cost function is given by: C= 50 + 4q2 a) Find the equations for AFC, AVC and MC.…

A: AFC: average fixed cost is the average of the total fixed costs and is given by:AVC: Average…

Q: The cost function of a firm is given as C1 = 400 + 200 + 4Q" using this cost function what is the…

A: here we calculate the efficient scale of the firm by using the cost function so the calculation of…

Q: Given a firm's cost function C=F(x) = ax +bx+ d: a. Find the firm's Average cost function (A(x) and…

A: C=F(x)=ax3+bx+d

Question

The total cost of a firm is TC(Q)=3Q²+4Q+37. Suppose its current output level is 7. Find its ATC.

Definition Definition Total cost of producing a certain quantity of a good, divided by the quantity produced. It is the sum of all costs (fixed and variable) required to produce one unit of output.

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 with 1 images

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

Consider the following cost function: 3 C=0.2q³-6q² + 80q + 150. (Enter a numeric response using a real number rounded to two decimal places.) When output is 19 units, average cost is $ When output is 19 units, marginal cost is $ The output level where average variable cost equals marginal cost is units.
7) What is the relationship between AFC, AVC & ATC? How are these calculated? 8) A firms produces an output of 10 units, when their total cost is $50 and their fixed costs are $10. Find: VC, AFC, AVC & ATC. 9) What are two examples of fixed costs?
Suppose the short-run production function for a restaurant producing a pack of food is given by: Q = 3L – 0.312 Where Q is the number of packs of food produced and L is the amount of labour used. If the cost of a unit of labour is ¢6 and the unit price of a pack of food produced is ¢10, a) what is the amount of labour the restaurant should employ in order to maximize profit. b) How much profit is made?
I need answer with explaination please.
production function: ƒ (k, 1) = 9 function. k Derive the firm's cost
Question 4. You are a car manufacturer and you have the following cost function. C (Q) = 100 +2Q+4Q² From the equation: a. Calculate fixed cost when you produce 5 cars b. Calculate total cost when you produce 5 cars
The following equation represents the cost structure of a firm: C= 10 + 3q. The average cost of production is
Give two examples of explicit cost for a firm
An economist estimated that the cost function of a single-product firm isC(Q) = 100 + 20Q + 15 Q^2 + 10 Q^3Based on this information, determine:b. The variable cost of producing 10 units of output.
A competitive firm uses two variable factors to produce its output, with a production function y = min{ x1, x2 }.The price of x1 is w1 = $8 and the price of x2 is w2 = $5. Due to a lack of warehouse space, the company cannot use more than 10 units of x1. The firm must pay a fixed cost of $80 if it produces any positive amount but doesn't have to pay this cost if it produces no output. What is the smallest integer price that would make a firm willing to produce a positive amount? please solve asap?
M1
Suppose a firm’s total cost curve is TC = 50Q2 + 10Q + 800 and marginal cost is MC = 100Q + 10. Find the output level that minimizes average total cost and average variable cost, respectively.