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I also need help with the drawings of the graphs! 1. (25 pts) A competitive firm...
4. (25 pts) Consider three firms out of a competitive industry. They have the following technologies:...
4. (25 pts) Consider three firms out of a competitive industry. They have the following technologies: Cl (y) = уг +4, C2(y) = уг + y 4, and C3(y)-уг + 2y + 4 respectively. (a) For each firm derive the marginal cost function MC(), average variable cost function AVC(y), and average cost function AC (y). Show these curves on three graphs, one for each firm. (6 pts) (b) Suppose that in the short-run the market price is p -5. Calculate...
Consider three firms out of a competitive industry. They have the following technologies: G (y)-уг +...
Consider three firms out of a competitive industry. They have the following technologies: G (y)-уг + 4, Caly)-y2 + y + 4, and C3 (y) Уг + 2y + 4 respectively. (a) For each firm derive the marginal cost function MC (y), average variable cost function AVC(y), and average cost function AC(y). Show these curves on three graphs, one for each firm. (6 pts) (b) Suppose that in the short-run the market price is p -5. Calculate each firm's profit....
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)...
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c)...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
4. A firm produces computers with two factors of production: labor L and capital K. It's...
4. A firm produces computers with two factors of production: labor L and capital K. It's pro- duction function is y 10 . Suppose the factor prices are wL = 10 and wk = 100. (a) Graph the isoquants for y equal to 1,2, and 3. Does this technology show increasing, constant, or decreasing returns to scale? Why? (b) Derive the conditional factor demands. (c) Derive the long-run cost function C(y). (d) If the firm wants to produce one computer,...
4. A firm produces computers with two factors of production: labor L and capital K. It's pro- duction function is ....
4. A firm produces computers with two factors of production: labor L and capital K. It's pro- duction function is . Suppose the factor prices are wl = 10 and wK = 100. (a) Graph the isoquants for y equal to 1.2, and 3. Does this technology show increasing, constant, or decreasing returns to scale? Why? (b) Derive the conditional factor demands. (c) Derive the long-run cost function C(y). (d) If the firm wants to produce one computer, how many...
competitive firm is the . 4. the vert Mive is atroduction. The short-run supply curve of...
competitive firm is the . 4. the vert Mive is atroduction. The short-run supply curve of ortion of its short-tun marginal cost curve that is competitive firm in the above its average variable cost curve, The o ward sloping an u petitive firm is the portion of its short-run marginal cost curve that supply curve of a Leuward-sloping and lies above its long-run average cost curve. Example: A firm has the long-run cost function cy) = 2y + 200 for...
1. The market for tortillas is perfectly competitive, with market demand given by p 1-.000020, with...
1. The market for tortillas is perfectly competitive, with market demand given by p 1-.000020, with price in dollars per tortilla and Q in thousands of tortillas. The short-run marginal cost curve for a typical tortilla factory is MC = .10 + .0005g.with MC in dollars per tortilla and q in thousands of tortillas. The fixed cost of running a factory is $15,000 per firm. (a) If there are 50 identical factories, determine the short-run aggregate supply function. b) What...
Short-Run Market Supply. New England Textiles, Inc., is a medium-sized manufacturer of blue denim that sells in a perfectly competitive market. Given $25,000 in fixed costs, the total cost function f...
Short-Run Market Supply. New England Textiles, Inc., is a medium-sized manufacturer of blue denim that sells in a perfectly competitive market. Given $25,000 in fixed costs, the total cost function for this product is described by TC $25,000 $1Q S0.000008 Q Mc= aTCaQ = $1 + $0.00001 6Q where Q is square yards of blue denim produced per month. Assume that MC> AVC at every point along the firm's marginal cost curve, and that total costs include a normal profit....
NEED ALL ANSWERS PLEASE Problem 3 [24 marks] A competitive firm uses two inputs, capital (k) and labour (), to produce...
NEED ALL ANSWERS PLEASE
Problem 3 [24 marks] A competitive firm uses two inputs, capital (k) and labour (), to produce one output, (y). The price of capital, W, is S1 per unit and the price of labor, wi, is SI per unit. The firm operates in competitive markets for outputs and inputs, so takes the prices as given. The production function is f(k,l) 3k025/025. The maximum amount of output produced for a givern amount of inputs is y(k, l)...
4. (25 pts) Consider three firms out of a competitive industry. They have the following technologies: Cl (y) = уг +4, C2(y) = уг + y 4, and C3(y)-уг + 2y + 4 respectively. (a) For each firm derive the marginal cost function MC(), average variable cost function AVC(y), and average cost function AC (y). Show these curves on three graphs, one for each firm. (6 pts) (b) Suppose that in the short-run the market price is p -5. Calculate...
Consider three firms out of a competitive industry. They have the following technologies: G (y)-уг + 4, Caly)-y2 + y + 4, and C3 (y) Уг + 2y + 4 respectively. (a) For each firm derive the marginal cost function MC (y), average variable cost function AVC(y), and average cost function AC(y). Show these curves on three graphs, one for each firm. (6 pts) (b) Suppose that in the short-run the market price is p -5. Calculate each firm's profit....
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)...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
4. A firm produces computers with two factors of production: labor L and capital K. It's pro- duction function is y 10 . Suppose the factor prices are wL = 10 and wk = 100. (a) Graph the isoquants for y equal to 1,2, and 3. Does this technology show increasing, constant, or decreasing returns to scale? Why? (b) Derive the conditional factor demands. (c) Derive the long-run cost function C(y). (d) If the firm wants to produce one computer,...
4. A firm produces computers with two factors of production: labor L and capital K. It's pro- duction function is . Suppose the factor prices are wl = 10 and wK = 100. (a) Graph the isoquants for y equal to 1.2, and 3. Does this technology show increasing, constant, or decreasing returns to scale? Why? (b) Derive the conditional factor demands. (c) Derive the long-run cost function C(y). (d) If the firm wants to produce one computer, how many...
competitive firm is the . 4. the vert Mive is atroduction. The short-run supply curve of ortion of its short-tun marginal cost curve that is competitive firm in the above its average variable cost curve, The o ward sloping an u petitive firm is the portion of its short-run marginal cost curve that supply curve of a Leuward-sloping and lies above its long-run average cost curve. Example: A firm has the long-run cost function cy) = 2y + 200 for...
1. The market for tortillas is perfectly competitive, with market demand given by p 1-.000020, with price in dollars per tortilla and Q in thousands of tortillas. The short-run marginal cost curve for a typical tortilla factory is MC = .10 + .0005g.with MC in dollars per tortilla and q in thousands of tortillas. The fixed cost of running a factory is $15,000 per firm. (a) If there are 50 identical factories, determine the short-run aggregate supply function. b) What...
Short-Run Market Supply. New England Textiles, Inc., is a medium-sized manufacturer of blue denim that sells in a perfectly competitive market. Given $25,000 in fixed costs, the total cost function for this product is described by TC $25,000 $1Q S0.000008 Q Mc= aTCaQ = $1 + $0.00001 6Q where Q is square yards of blue denim produced per month. Assume that MC> AVC at every point along the firm's marginal cost curve, and that total costs include a normal profit....
NEED ALL ANSWERS PLEASE
Problem 3 [24 marks] A competitive firm uses two inputs, capital (k) and labour (), to produce one output, (y). The price of capital, W, is S1 per unit and the price of labor, wi, is SI per unit. The firm operates in competitive markets for outputs and inputs, so takes the prices as given. The production function is f(k,l) 3k025/025. The maximum amount of output produced for a givern amount of inputs is y(k, l)...
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