1. Suppose a cost function such as C(q) = 10 + 159 + 4q (a) Find the ATC, AVC, AFC and MC (b) Find the minimum of the ATC and plot the functions found in (a) (c) Give an intuitive explanation for the shape of the ATC, MC and explain the relation- ship between both cost functions

Q: Total Cost AVC AFC ATC MC -- -- 1 25 40 65 a5 20 16 20 216 25 29 3 15 20 25 4 105 145 4 (15) For any…

A: Since you asked for only drawing the diagram, we are doing that only.

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Q: Consider the following production function: Q=KªLB a) Derive the cost function b) Draw the AC and MC…

A: * ANSWER :- * A)        at eqm, MRTS = w/r                         MRTS = MPL / MPK

Q: (d) Define the cost function g(n) = cost of making n sandwiches. Assume the cost to make 800…

A: "Since you have posted multiple questions, I can only answer the first question, rest you need to…

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Q: 3. In the manufacture of a product, fixed costs per week are Tk. 4000. If the marginal cost function…

A: Marginal cost is defined as the cost of producing one additional unit.  i.e.  MC = d(C)dq where C is…

Q: Which of the following cost relationships is incorrect? a. APL=TP/L b. TVC= TC-FC c. MC=change in…

A: Total cost is the sum of Fixed cost and variable cost. Fixed cost remains same at all levels of…

Q: b. If AC= Q?-4Q+10 i. Final the total cost and marginal cost function. Is this function is more…

A: TC = Q x AC = Q3 - 4Q2 + 10Q MC = dTC/dQ = 3Q2 - 8Q + 10

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A: Slope intercept form: Y=AX + B

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A: Some basic concept of cost theory are  Total cost TC = total fixed cost FC+ variable cost VC.…

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A: Answer a) The marginal profit gives us the slope of the profit function's line. Using this slope…

Q: 1. The firm's fixed costs are $2,000, and the firm's total costs of producing 100 units is $4,000.…

A: TVC = TC - TFC = 4,000 - 2,000 = $2,000

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A: Note: Since more than 3 sub-questions are asked, due to Bartleby policy we are allowed to answer not…

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A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: 12. If average fixed cost is 40'and average variable cost is 80/for a given output, we then know…

A: Average total cost refers to the cost per unit. In other words, the average total cost is the sum of…

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A: since you have posted multiple questions and according to our policy we can only solve the first…

Q: With the table started as indicated below, calculate the cell indicated as an Qx stands for quantity…

A: Given; Price of variable input= $3000/unitPrice of output= $150/unitTFC= $7500

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A: Since you have posted a question with multiple sub parts, we will solve first three subparts for…

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A: Explicit cost is the cost that is incurred for paying external expenses like wages to employees,…

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A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

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A: Variable cost are the cost which is variable in nature by changing this factor we increases and…

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A: Answers   Total Cost: C(y) = 23y2 + 12y + 8   A. Fixed Cost = Total cost when y = 0   C(y) = 23(0)2…

Q: Determine if the statements and expressions regarding costs are true or false. True False Average…

A: We can re-create the table correctly as follows.

Q: 2 Find the total cost function given, the fixed costs are $200 and the variable cost per unit is a…

A: total cost is addition of fixed cost and variable cost. In this Fixed cost = $200 and variable cost…

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A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

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A: TC = 1/9x2 +4x+12

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A: Marginal cost is defined as the cost of producing an additional unit of the output. Marginal cost is…

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A: *Answer:

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Q: d. Show that the cost function is non-decreasing in w,r and q.

A: Cost function is non- decreasing in w, r and q

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A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

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A: Answer to the question is as follows:

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A: Explicit cost are those cost which is hired by producer from outside' Implicit cost also known as…

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.