Suppose the cost to produce cordless phones can be approximated by the cost function, . represents: Group...
Suppose the cost to produce cordless phones can be approximated by the cost function, .
represents:
Group of answer choices
The average cost of producing x cordless phones.
The rate of change in cost of producing cordless phones when x phones are produced.
The profit from producing x phones.
The approximate cost of producing more than x phones at any one point in time.
Homework Answers
Answer:
Given,
Suppose the cost to produce x cordless phones can be approximated by the cost function
Here,
The cost function equation is C(x) = FC(x) + V(x).
Where, C is total production cost, FC stands for fixed costs and V covers variable costs.
The cost function represents:
The rates of change in cost of producing cordless phones when x phones are produced.
Add Answer to:
Suppose the cost to produce cordless phones can be
approximated by the cost function, .
represents:
Group...
Suppose that for a certain company Cix) = 25x + 300,000 represents the total cost function,...
Suppose that for a certain company Cix) = 25x + 300,000 represents the total cost function, and R(x) = 75x represents the total revenue function. Find the total-profit function and break-even point Which of the following functions represents the total-profit function? O A. 50x + 300,000 OB. 100x + 300,000 . C. 50x - 300,000 The break-even point is (DD .
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
2. Units cost $0.50 each to produce an item and they sell for $3.00 each. The...
2. Units cost $0.50 each to produce an item and they sell for $3.00 each. The overhead in setting up production is $2,000. a) Find the cost and the revenue functions. b) Find the breakeven point. Also graph the cost and revenue functions and label the breakeven point. c) How many units must be sold to yield a profit of $2,000? d) Find the average profit function and the rate of change of the average profit when x=20 items.
ignore the writing. Suppose France can produce four phones or three computers with one unit of...
ignore the writing.
Suppose France can produce four phones or three computers with one unit of labor, and Sweden can produce one phone or two computers with one unit of labor. Each country has 600 units of labor. a) Draw a table for both countries with 4 columns labeled Max Phones, Max Computers, Cost Phone, Cost Computer b) Draw the PPF for Both Countries (two separate graphs) c) Find the absolute advantage for each country d) Find the comparative advantage...
Suppose that the revenue R, in dollars, from selling x cell phones, in hundreds, is R(x)...
Suppose that the revenue R, in dollars, from selling x cell phones, in hundreds, is R(x) = -1.3x2 + 320x. The cost C, in dollars, from selling x cell phones, in hundreds, is C(x) = 0.03x3 - 3x2 + 75x + 550. (a) Find the profit function, P(x) = R(x)-C(x). (b) Find the profit if x = 21 hundred cell phones are sold. (c) Interpret P(21). (a) P(x)= (Use integers or decimals for any numbers in the expression.) (b) P(21)=$...
5. 12 points HarMathAp11 10.3.019 My Notes Ask Your Teacher If the total cost function for...
5. 12 points HarMathAp11 10.3.019 My Notes Ask Your Teacher If the total cost function for a product is C(x) = 240(0.02x + 5)3 dollars, where x represents the number of hundreds of units produced, producing how many units will minimize average cost? units Find the minimum average cost per unit. Submit Answer Save Progress 6. -12 points HarMathAp11 10.3.025 My Notes Ask Your Teacher If the profit function for a product is P(x) = 2700x + 120x2-x3-242,000 dollars, selling...
1. Marginal cost pricing means that a firm charges Group of answer choices A price that...
1. Marginal cost pricing means that a firm charges Group of answer choices A price that is marginally lower than the average total cost of production. Any price as long as average total cost is greater than marginal cost. A price that is marginally higher than the average total cost of production A price that is equal to the marginal cost of production. 2. If the government wants a natural monopolist to achieve allocative efficiency, the government should Group of...
**Only [Harder] Question** Problem 2. Consider a firm that has a cost function of c(y) =...
**Only [Harder] Question** Problem 2. Consider a firm that has a cost function of c(y) = 5y 2 + 50, 000. In other words, this is a firm with a fixed cost of $50,000 (which might be something like the cost of rent on the firm’s building, which they have to pay whether they produce any output or not) and a variable cost of $5Y 2 , (which we’ll think of as the cost of the labor and machinery necessary...
Suppose a chair manufacturer's can hire labour for €30 per hour and the rental cost of...
Suppose a chair manufacturer's can hire labour for €30 per hour and the rental cost of capital is є15 per hour. The chair manufacturer's production function is such that a chair can be produced using 4 hours of labour or 4 hours of capital in any combination. (For example it can produce one chair with: 4 hours of labour only; 4 hours (rental) of capital only; or any combination of capital and labour that adds up to 4 hours) 3....
2. Suppose the production function for widgets is given by where q represents the annual quantity...
2. Suppose the production function for widgets is given by where q represents the annual quantity of widgets produced, K represents the annual capital input, and L represents the annual labor input. a. Suppose K 10, write down the expressions for the total product and the average product of labor. At what level of labor input does average productivity reach a maximum? How many widgets are produced at that point? b. Again, assuming that K-10, graph the average product of...
Suppose that for a certain company Cix) = 25x + 300,000 represents the total cost function, and R(x) = 75x represents the total revenue function. Find the total-profit function and break-even point Which of the following functions represents the total-profit function? O A. 50x + 300,000 OB. 100x + 300,000 . C. 50x - 300,000 The break-even point is (DD .
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
ignore the writing.
Suppose France can produce four phones or three computers with one unit of labor, and Sweden can produce one phone or two computers with one unit of labor. Each country has 600 units of labor. a) Draw a table for both countries with 4 columns labeled Max Phones, Max Computers, Cost Phone, Cost Computer b) Draw the PPF for Both Countries (two separate graphs) c) Find the absolute advantage for each country d) Find the comparative advantage...
Suppose that the revenue R, in dollars, from selling x cell phones, in hundreds, is R(x) = -1.3x2 + 320x. The cost C, in dollars, from selling x cell phones, in hundreds, is C(x) = 0.03x3 - 3x2 + 75x + 550. (a) Find the profit function, P(x) = R(x)-C(x). (b) Find the profit if x = 21 hundred cell phones are sold. (c) Interpret P(21). (a) P(x)= (Use integers or decimals for any numbers in the expression.) (b) P(21)=$...
5. 12 points HarMathAp11 10.3.019 My Notes Ask Your Teacher If the total cost function for a product is C(x) = 240(0.02x + 5)3 dollars, where x represents the number of hundreds of units produced, producing how many units will minimize average cost? units Find the minimum average cost per unit. Submit Answer Save Progress 6. -12 points HarMathAp11 10.3.025 My Notes Ask Your Teacher If the profit function for a product is P(x) = 2700x + 120x2-x3-242,000 dollars, selling...
Suppose a chair manufacturer's can hire labour for €30 per hour and the rental cost of capital is є15 per hour. The chair manufacturer's production function is such that a chair can be produced using 4 hours of labour or 4 hours of capital in any combination. (For example it can produce one chair with: 4 hours of labour only; 4 hours (rental) of capital only; or any combination of capital and labour that adds up to 4 hours) 3....
2. Suppose the production function for widgets is given by where q represents the annual quantity of widgets produced, K represents the annual capital input, and L represents the annual labor input. a. Suppose K 10, write down the expressions for the total product and the average product of labor. At what level of labor input does average productivity reach a maximum? How many widgets are produced at that point? b. Again, assuming that K-10, graph the average product of...
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