Homework Answers
Answer
breakeven is at TR=TC
4X=8000+2X
2X=8000
X=4000
the breakeven is at 4000 units
the breakeven is at 4000 units and none of the options provided is correct.
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Question 4 (25 points) if the total cost for producing widgets can be represented by TC...
4. (25 points) Suppose there are only two firms producing widgets. The total cost function for ea...
4. (25 points) Suppose there are only two firms producing widgets. The total cost function for each firm is identical and is given by T℃(a = 8h, where gi is the output of firmi A market research company has found that demand for widgets can be described by the inverse demand function P 200 2Q, where Q-q (a) (10 points) A firm's action in the Courot Duopoly game is to choose an output level. Draw each firm's reaction function as...
1. (a-g 4% each; h-I 7% each) An economist estimated that the Total Cost function is...
1. (a-g 4% each; h-I 7% each) An economist estimated that the Total Cost function is TC = $100 + 30Q + 20Q2 where Q is the number of widgets produced. Also, the marginal cost is calculated as follows: MC = $30 + 40Q Based on this information, determine the following for producing 10 units of output: Average Total Costs= $_______________ Marginal Cost= $_______________ Assume the firm produces 10 units of output and that it will shut down if it...
mple, the total cost The intercept of the able cost per unit, V. where the TR...
mple, the total cost The intercept of the able cost per unit, V. where the TR and TC ple). The Adventures sells 100 trips ll the graph). The slope of TR is the price per un Desert Adventures). The total cost (TC) line shows the total cost for each volume. For example, the to for a volume of 100 trips is $254,400 (= 1100 x $1,200] + $134,400). The intero total cost line is the fixed cost for the period,...
Question 4 Suppose that the price-Demand (p-D) relationship for a product is p Cost (TC) of...
Question 4 Suppose that the price-Demand (p-D) relationship for a product is p Cost (TC) of manufacturing the product is 10-0.2D and the Total TC 10-D+0.3D2 . (a) Determine the value of D that maximizes the Total Revenue, TR, and indicate how you know that this D maximizes TR. (10 marks) (b) Determine the value of D that maximizes profit, 11, and indicate how you know that this value of D maximizes Π. (10 marks)
NUMBER 26 26. The cost of producing x units of a commodity is given by. TCU)...
NUMBER 26
26. The cost of producing x units of a commodity is given by. TCU) = 100 + 402 – 2x a. Derive the following functions: FC - VC = AFC= Avc= ATC= b. Find TC(101) - TC(100) c. Find TC(x + 1) - TC(x), and explain in words what this means, 27. Consider the following inverse demand function: P = 200 - 40. Graph out the total revenue function in excel 28 Find the inverse demand function and...
A manufacturer of widgets has fixed costs of $1200 per month, and the variable cost is...
A manufacturer of widgets has fixed costs of $1200 per month, and the variable cost is $49 per widget (so it costs $49 to produce 1 widget). Let N be the number of widgets produced in a month. (a) Find a formula for the manufacturer's total cost C as a function of N. C(N) - 49N+1200 (b) The highest price p, in dollars, of a widget at which N widgets can be sold is given by the formula p =...
Question 3-4 SESSION 13 The marginal revenue is the rate of change in total revenue per...
Question 3-4
SESSION 13 The marginal revenue is the rate of change in total revenue per unit increase in output, Q The marginal cost is the rate of change in total cost per unit increase in output, Q AR is defined as average revenue per unit for the first Q su ccessive units sold. AR is determined by dividing total reven ue by the quantity sold, Q The AR function is equal to price, P. where Pis given by the...
1 Economies of Scale Consider the total cost function (TC): TC(q) = 100+ 40 + 492...
1 Economies of Scale Consider the total cost function (TC): TC(q) = 100+ 40 + 492 where q is output. 1.1 (10 points) Obtain the index of the extent of scale economies S = MCQ, where AC is average cost and MC is marginal cost. What is the value of this index when q = 2? Provide an intuitive interpretation for this number. 1.2 (10 points) Is there any range of production characterized by scale economies? At what production level...
explain Question 11 1 points Save Answer Graph of TB & TC of Hours Working The...
explain
Question 11 1 points Save Answer Graph of TB & TC of Hours Working The graph below measures salary thousands per year and perceived costs from working for a single worker. The worker perceives their total cost equation for working to be 1 0 0.382) (0.020). The horizontal axis measures the hours of working per week that they can chooseping them a total benefit of working equation, T8 - 10150 (For hours beyond 40, assume that TC>TR) What point...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
4. (25 points) Suppose there are only two firms producing widgets. The total cost function for each firm is identical and is given by T℃(a = 8h, where gi is the output of firmi A market research company has found that demand for widgets can be described by the inverse demand function P 200 2Q, where Q-q (a) (10 points) A firm's action in the Courot Duopoly game is to choose an output level. Draw each firm's reaction function as...
mple, the total cost The intercept of the able cost per unit, V. where the TR and TC ple). The Adventures sells 100 trips ll the graph). The slope of TR is the price per un Desert Adventures). The total cost (TC) line shows the total cost for each volume. For example, the to for a volume of 100 trips is $254,400 (= 1100 x $1,200] + $134,400). The intero total cost line is the fixed cost for the period,...
Question 4 Suppose that the price-Demand (p-D) relationship for a product is p Cost (TC) of manufacturing the product is 10-0.2D and the Total TC 10-D+0.3D2 . (a) Determine the value of D that maximizes the Total Revenue, TR, and indicate how you know that this D maximizes TR. (10 marks) (b) Determine the value of D that maximizes profit, 11, and indicate how you know that this value of D maximizes Π. (10 marks)
NUMBER 26
26. The cost of producing x units of a commodity is given by. TCU) = 100 + 402 – 2x a. Derive the following functions: FC - VC = AFC= Avc= ATC= b. Find TC(101) - TC(100) c. Find TC(x + 1) - TC(x), and explain in words what this means, 27. Consider the following inverse demand function: P = 200 - 40. Graph out the total revenue function in excel 28 Find the inverse demand function and...
A manufacturer of widgets has fixed costs of $1200 per month, and the variable cost is $49 per widget (so it costs $49 to produce 1 widget). Let N be the number of widgets produced in a month. (a) Find a formula for the manufacturer's total cost C as a function of N. C(N) - 49N+1200 (b) The highest price p, in dollars, of a widget at which N widgets can be sold is given by the formula p =...
Question 3-4
SESSION 13 The marginal revenue is the rate of change in total revenue per unit increase in output, Q The marginal cost is the rate of change in total cost per unit increase in output, Q AR is defined as average revenue per unit for the first Q su ccessive units sold. AR is determined by dividing total reven ue by the quantity sold, Q The AR function is equal to price, P. where Pis given by the...
1 Economies of Scale Consider the total cost function (TC): TC(q) = 100+ 40 + 492 where q is output. 1.1 (10 points) Obtain the index of the extent of scale economies S = MCQ, where AC is average cost and MC is marginal cost. What is the value of this index when q = 2? Provide an intuitive interpretation for this number. 1.2 (10 points) Is there any range of production characterized by scale economies? At what production level...
explain
Question 11 1 points Save Answer Graph of TB & TC of Hours Working The graph below measures salary thousands per year and perceived costs from working for a single worker. The worker perceives their total cost equation for working to be 1 0 0.382) (0.020). The horizontal axis measures the hours of working per week that they can chooseping them a total benefit of working equation, T8 - 10150 (For hours beyond 40, assume that TC>TR) What point...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
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