MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 13, Problem 16QE
To determine

The advice to the farmer when the output level is MR = MC.

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16. The total cost to make q quilts is C(q) = 73 +1.2q +0.05q2. a. What is a function for the marginal cost? b. Find a quantity that minimizes the average cost.
Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He pays his farm hands $28,000 a year. Is his rent a fixed cost or a variable cost? Are the wages he pays his workers a fixed cost or a variable cost?
The cost function of producing Q units of good: C(Q) = 4Q2 + 16Q + 40 Write down the average cost and marginal cost. Find the value of Q whichminimizes average cost? (Show necessary and sufficient conditons)
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