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Question 2:
‘A company has a Total Cost function where TC = 20Q^2 + 2Q. What is the short run supply curve for the company?’
Step by step
Solved in 3 steps
- “The firm’s entire marginal cost curve is its short-run supply curve.” Is the preceding statement true or false? Why?Which of the following represents a long-run decision for the firm? a. rehiring workers who were previously laid off. b. determining what price to charge for a given level of output. c. deciding how much output to supply to the market at the current market price. d. building another wing on the plant in order to add a new assembly line. answer. (d. building another wing on the plant in order to add a new assembly line.) Please help me explain this questions. Thanks in advanceConsider a firm with the following cost function: C (q) = 4q^2 + 100 Find the long-run supply and the short-run supply of the firm, under the assumptions that the total cost function is the same in the long and in the short run, but the xed cost is sunk in the short run.
- Then, plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output.Assume a firm is a small business and act as a price-taker in the market, the market price of the firm's product is 20. The firm's cost function is: C(q) = 0.5q2+5q+100.Distinguish between short-run and long-run supply curves.
- Explain why a firm might want to produce its good even after diminishing marginal returns have set in and marginal cost is on the rise. People often believe that large firms in an industry have cost advantages over small firms in the same industry. For example, they might think a big oil company has a cost advantage over a small oil company. For this to be true, what condition must exist? Explain your answer.In a furniture market, if a furniture company is analyzing the short run total costs, one of the following business practices would be beneficial. Which one? divide the variable costs of production by the quantity of output divide the total costs of production by the quantity of output divide total costs into two categories: fixed costs that can't be changed in the short run and variable costs that can be. divide total costs into two categories: variable costs that can't be changed in the short run and fixed costs that can beThe following graph shows the long-run supply curve for pears. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for pears. (Note: Place the points of the line either on I and F or on I and C.) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- If a price-taking firm’s production function is given by q = √6l , its short-run supplyfunction is given by(a) q = 3Pw.(b) q = 3P/w.(c) q = P/(3w).(d) q = 3w/P. Please explain reason correctly.Suppose that a firm has a short-run cost function C(q) = q2 +1. Part a Find the short-run supply function of this firm. Part b Given this production function, at what output is average cost (AC) minimized?Which of the following statements is (are) correct? (x) In the short run, if a firm produces nothing, then, by definition, fixed costs will equal zero. (y) Fixed costs can be defined as costs that are incurred even if nothing is produced. (z) Although fixed costs do not vary as a firm varies the output amount that it produces, average fixed costs for the firm do vary as the amount of output varies. (x), (y) and (z) (x) and (y) only (x) and (z) only (y) and (z) only (z) only
