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ECON 311 Homework 3 Question 1
1. For each of the following cost functions, find an...
3) Suppose the cost curve for a firm producing sneakers is TC 1010 q - 4q-...
3) Suppose the cost curve for a firm producing sneakers is TC 1010 q - 4q- + 3.1 (10 points) What are the firm's fixed costs, variable costs, average costs, average fixed cost, average variable costs, and marginal costs? 3.2 (10 points) Graph all 7 cost functions (TC, VC, FC, AC, AVC, AFC, MC) for quantities q 0 to q 10. You can use the Excel program to generate these graphs, plot C, VC, and FC in one graph and...
If the office rent for an accounting firm decreases, which of the following cost curves will...
If the office rent for an accounting firm decreases, which of the following cost curves will be affected? i. Average Fixed Cost (AFC) ii. Average Variable Cost (AVC) iii. Average Total Cost (ATC) iv. Marginal Cost (MC) A. only i B.i and iii C. i and iv D.iii and iv
A firm’s short run cost function is C(q)=150q-4q^2+0.4q^3+275 . Determine the fixed cost, F; the average...
A firm’s short run cost function is C(q)=150q-4q^2+0.4q^3+275 . Determine the fixed cost, F; the average variable cost, AVC; Average Fixed Cost, AFC; Average Cost, AC; and the Marginal Cost, MC.
Question 3.(12 points). Suppose a firm has a short-run cost function: C(q) = 1000 + 2009...
Question 3.(12 points). Suppose a firm has a short-run cost function: C(q) = 1000 + 2009 - 5q2 + 0.573. What are the fixed cost (F), the variable cost function (VC), the marginal cost (MC), the average cost (AC), the average fixed cost (AFC) and the average variable cost (AVC)?
You are a producer of HW for ECON 301. You use labor time in hours (L)...
You are a producer of HW for ECON 301. You use labor time in hours (L) and capital (K) (such as a desk, calculator, or pencil) as inputs to produce HW using q = 2KZ2. Suppose K is fixed at 1 unit in the short-run. The opportunity cost of your time (w) is $8 per hour. The rental rate per unit of capital (() is $50. a) Derive the short-run cost function, i.e. TC as a function of q. b)...
Let F be the fixed cost of production, let VC be the variable cost of production,...
Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average faced cost AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Entor numeric responses rounded to two decimal places) Output (a) $264 312 MC AFC AVC AC $64 $200.00 $64.00 $264.00 48 100.00 56.00 156.00 66.67 48.00 50.00 40.00 90.00 N 78.40 33.33 40.00 73.33...
= Question 1: Cost Minimization and Cost Curves Suppose that Jennifer produces goody by using input...
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Question 1: Cost Minimization and Cost Curves Suppose that Jennifer produces goody by using input x and x2. The production function which Jennifer faces is: The cost for every unit of Xi is wi and the cost for every unit of x2 is w2. There is a fixed cost component F, which also forms a part of her total cost. (a) Write down the cost minimization problem. Solve this problem and express X1/X2 as a function of w2/wi. Microeconomics...
**I just need me work checked to make sure I'm doing this right. Give the formulas...
**I just need me work checked to make sure I'm doing this right. Give the formulas for and plot average fixed cost, AFC, marginal cost, MC, average variable cost, AVC, and average cost, AC, if the cost function is: C=6+q ^2. MC = d(TC)/d(q) = 2q AFC = 6/q AVC = q^2/q = q AC = AVC + AFC = q + (6/q)
Sayo runs a small, popular sushi restaurant in a large metropolitan area. The market for sushi...
Sayo runs a small, popular sushi restaurant in a large metropolitan area. The market for sushi in her town is very competitive and Sayo is essentially a price taker. She has estimated her total cost function to be c(y) = yox – 3y2 + 75y + 250. There are, of course, a number of related functions that can be derived from her total cost function. Here is a list: Average Cost (AC(y)): 19–32 +75y+250 = y2 – 3y + 75...
Firm Supply (Chapter 23 in the book) Problem 3. A competitive firm's short-run cost function is...
Firm Supply (Chapter 23 in the book) Problem 3. A competitive firm's short-run cost function is c() - y - 8y2 + 30y + 5. The marginal cost of this cost function is MC() - 3y2-16y + 30. (a) What is the firm's average variable cost function, AVC(y)? (b) On the graph, plot and label average variable cost AVC(y) and marginal cost MC(y) functions. (c) Average cost is decreasing as output rises if output is less than what number? (d)...
3) Suppose the cost curve for a firm producing sneakers is TC 1010 q - 4q- + 3.1 (10 points) What are the firm's fixed costs, variable costs, average costs, average fixed cost, average variable costs, and marginal costs? 3.2 (10 points) Graph all 7 cost functions (TC, VC, FC, AC, AVC, AFC, MC) for quantities q 0 to q 10. You can use the Excel program to generate these graphs, plot C, VC, and FC in one graph and...
Question 3.(12 points). Suppose a firm has a short-run cost function: C(q) = 1000 + 2009 - 5q2 + 0.573. What are the fixed cost (F), the variable cost function (VC), the marginal cost (MC), the average cost (AC), the average fixed cost (AFC) and the average variable cost (AVC)?
You are a producer of HW for ECON 301. You use labor time in hours (L) and capital (K) (such as a desk, calculator, or pencil) as inputs to produce HW using q = 2KZ2. Suppose K is fixed at 1 unit in the short-run. The opportunity cost of your time (w) is $8 per hour. The rental rate per unit of capital (() is $50. a) Derive the short-run cost function, i.e. TC as a function of q. b)...
Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average faced cost AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Entor numeric responses rounded to two decimal places) Output (a) $264 312 MC AFC AVC AC $64 $200.00 $64.00 $264.00 48 100.00 56.00 156.00 66.67 48.00 50.00 40.00 90.00 N 78.40 33.33 40.00 73.33...
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Question 1: Cost Minimization and Cost Curves Suppose that Jennifer produces goody by using input x and x2. The production function which Jennifer faces is: The cost for every unit of Xi is wi and the cost for every unit of x2 is w2. There is a fixed cost component F, which also forms a part of her total cost. (a) Write down the cost minimization problem. Solve this problem and express X1/X2 as a function of w2/wi. Microeconomics...
Sayo runs a small, popular sushi restaurant in a large metropolitan area. The market for sushi in her town is very competitive and Sayo is essentially a price taker. She has estimated her total cost function to be c(y) = yox – 3y2 + 75y + 250. There are, of course, a number of related functions that can be derived from her total cost function. Here is a list: Average Cost (AC(y)): 19–32 +75y+250 = y2 – 3y + 75...
Firm Supply (Chapter 23 in the book) Problem 3. A competitive firm's short-run cost function is c() - y - 8y2 + 30y + 5. The marginal cost of this cost function is MC() - 3y2-16y + 30. (a) What is the firm's average variable cost function, AVC(y)? (b) On the graph, plot and label average variable cost AVC(y) and marginal cost MC(y) functions. (c) Average cost is decreasing as output rises if output is less than what number? (d)...
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