MindTap Economics, 2 terms (12 months) Printed Access Card for Mankiw's Principles of Economics, 8th (MindTap Course List)
8th Edition
ISBN: 9781337096539
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 13, Problem 1QR
To determine
Relationship between total revenue, profit and total cost.
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Consider a firm with the following production function Q=5000L-2L2.a. Find the maximum production level.b. How many units of labour are needed at that point. c. Obtain the function of marginal product of labour (MRL)
d. Graph the production function and the MRL.
Exercise 4A firm has the following total cost function TC=100q-5q2+0.5q3.
Find the average cost function.
A firm has the following demand function P=200 − 2Q and the average costof AC= 100/Q + 3Q −20.a. Find the profit function. b. Estimate the marginal cost function. c. Obtain the production that maximizes the profit. d. Evaluate the average cost and the marginal cost at the maximising production level.
Chapter 13 Solutions
MindTap Economics, 2 terms (12 months) Printed Access Card for Mankiw's Principles of Economics, 8th (MindTap Course List)
Ch. 13.1 - Prob. 1QQCh. 13.2 - Prob. 2QQCh. 13.3 - Prob. 3QQCh. 13.4 - Prob. 4QQCh. 13 - Prob. 1CQQCh. 13 - Prob. 2CQQCh. 13 - Prob. 3CQQCh. 13 - Prob. 4CQQCh. 13 - Prob. 5CQQCh. 13 - Prob. 6CQQ
Ch. 13 - Prob. 1QRCh. 13 - Prob. 2QRCh. 13 - Prob. 3QRCh. 13 - Prob. 4QRCh. 13 - Prob. 5QRCh. 13 - Prob. 6QRCh. 13 - Prob. 7QRCh. 13 - Prob. 8QRCh. 13 - Prob. 1PACh. 13 - Prob. 2PACh. 13 - Prob. 3PACh. 13 - Prob. 4PACh. 13 - Prob. 5PACh. 13 - Prob. 6PACh. 13 - Prob. 7PACh. 13 - Prob. 8PACh. 13 - Prob. 9PACh. 13 - Prob. 10PA
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