A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500 per day when producing 15 sinks. The company has a daily demand function of q = 360 − p, where q is the number if laundry sinks demanded and p is te price of a laundry sink.   ) If production increases continuously, what is likely to be the average cost per sink?   How many laundry sinks will the company need to produce in order to maximise it′s profits?   What is the maximum profit?

Q: Suppose a firm has the following total cost function TC = 100 + 2q2. If price equals $20, what is…

A: A firm sets the price and quantity at the point where marginal revenue is equal to the marginal…

Q: A firm has the following production fundion: q =min{K, 10L). where q denotes output, K denotes…

A: Part (a): q = min {K,10L} q = K = 10L Therefore equation 1 is K =q and equation 2 is q/10 =L  Total…

Q: Suppose a wind turbine producer faces this production function: Q=0.25KL with MP = 0.25K; MPk =…

A: Given wage = 12 and rental cost = 22

Q: 0.2 2. A seller's production function is q = f(k,1) = (kl), w = v = 1, and the competitive output…

A:

Q: Q. 4 For a firm with a Total Cost function TC = C(Q), recall that the definitions of Marginal Cost…

A: Marginal cost of production is the amount of dollars incurred by a firm in producing an additional…

Q: Consider a firm with a production function given by y = a ln x1 + ß lIn x2 with a, ß E (0,1) which…

A: The production function shows the technical relationship between input factors and output. It can be…

Q: Randall Cars repair Factory has the total Cost Function TC (Q) = 4₁1 Q¹+ 26/Qx+30 where Q stands for…

A:

Q: Suppose a company's revenue function is given by R(q)=−q3+400q2R(q)=-q3+400q2 and its cost function…

A: Profit maximising condition  where marginal cost is equal to marginal revenue   And Equilibrium…

Q: A firm's short-run cost function is given by: C (q) = 50 + 10g – 6q² +q? What is the lowest the…

A: Given: Cost function: =50+10q-6q2+q3 To find: lowest price

Q: Consider the following hypothetical firm that is normally producing 200 units of the product per…

A: The term "cost of production" refers to all the costs that are involved when a company offers a…

Q: An ice cream company finds that at a price of $4.00 for each pint, they can sell 4000 pints of ice…

A: A demand function expresses the relationship between quantity demanded of a good and its price. An…

Q: he demand function for small high-definition televisions is given by p = 9,000 − 55x, where p is the…

A: Answer - "Thank you for submitting the question. But, we are authorized to solve only 3 subparts .…

Q: f the total revenue and total cost of a business are given by the following functions. what is the…

A: Answer is given below

Q: Suppose that the cost of producing q appliances is C(q) = 500 – 4q + q? and the demand function is…

A: The term “profit” is defined as an excess of total revenue (TR) over the total cost (TC). The…

Q: competitive firm has a single factory with the cost function C(q) = 5q² + 79 and produces 32 units…

A: The marginal cost of creation is the adjustment of complete creation cost that comes from making or…

Q: A firm has the following demand and average total cost functions: Q = 30 − P ATC =7/Q− 6 +1/2Q…

A: The total revenue of a firm is the total payment it receives from the sale of goods and services.…

Q: Assuming that your firms total cost function is, TC (Q) = $21,128+4Q profits when the prices are $7,…

A: In the question, the total cost is TC = 21128 + 4Q and prices are $7, $9, and $11. Now we are…

Q: A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500…

A: The per unit cost of producing a service or a good is known as average cost.

Q: Suppose a firm has the following widget production function: q=2K/₁2, the wage rate, w = $20 and the…

A: Given  Production function: q=2K1/2L1/2              .... (1) w=$20 and r=$180 In short-run K is…

Q: A commodity has a demand function modeled by  p = 106 − 0.5x  and a total cost function modeled by…

A: In a firm that wants to maximize its profits levels, it becomes vital to determine the levels of…

Q: Consider that a company has a total cost function TC = 3Q3+2Q2+6. a.What is the average and…

A: Part a: Average Cost = Total Cost/ Quantity Marginal Cost = dTC/dQ TC = 3Q3+2Q2+6 Average Cost =…

Q: Suppose a short-run production function is described as Q=30L-0.05L^2 where L is the number of…

A: Suppose, each unit of output has a marginal revenue of $5 and marginal cost of $40, the labours…

Q: 8. A firm's total cost function is given by TC = 3Q} +2Q,Q, +7Q; Where Q, and Q, denote the number…

A: Given Information TC = 3Q12 + 2 Q1Q2 + 7Q22  Q1  + Q2  = 40Q1=40-Q2

Q: A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500…

A: Given: Fixed Cost = $100 Total Cost = $2500 Output= 15 sinks q=15demand functionq=360 - p15=360 -…

Q: Q4. A firm's production function is given by q = 2z1 + 3z2. Given the input prices, w1 for z1 and wz…

A:

Q: The total revenue curve of a firm is R(q) = 40q − 12q2 and its average cost A(q) =1/30q2 − 12.85q +…

A: R(q) = 40q − 12q2  A(q) = 1/30 q2 − 12.85q + 20 + 400/q Total cost = A(q) * q

Q: A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500…

A: Profit maximizing level of output is at the point where marginal cost MC equals marginal revenue MR.…

Q: A firm has the following production function: q = L - K Assume the firm must pay each unit of labor…

A: In the short run, capital is fixed but in the long run all inputs are variable.In the long run, cost…

Q: Assume a firm's short-run cost function is given by the following expression: C(q) = 2+q+q2 If the…

A: The producer is in equilibrium at the point when MC=MR, at this point the value of producing an…

Q: 9. A firm has the following production function, Q = Q(K, L) = K²+L², where Q is output, and K…

A: We are going to find the optimal profit and implication of wage rate on profit to answer this…

Q: Consider Firm GM, a car manufacturer. Suppose you have some information regarding the cost curves of…

A: Average cost is initially more and then decreases.

Q: +300, where p is the price in dollars. If the price, in terms of the cost c, is expressed as 352…

A: Given information:Demand, D(p) = -P2352+300P(c) = 4c - 36

Q: Suppose the short-run production function for a restaurant producing a pack of food is given by: Q =…

A: First create the profit function and then it must be differentiated and must be put equal to zero.

Q: )A firm selling in a perfectly competitive market where the ruling price is £20 can buy inputs K and…

A: Profit refers to the gap between the total revenue and cost of a firm. Profit function: π=P*Q-TCTC =…

Q: Assume a firm's short-run cost function is given by the following expression: C (q) = 10 +q+ If the…

A: The cost function represents the relation between the cost incurred and the quantity of goods…

Q: A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500…

A: The total cost of production for the firm refers to the monetary value of the inputs used by the…

Q: A firm's production is given by f(L, K) =;min(3L, 2K), and it faces input prices w = $30/hr and r =…

A: Given  Production function: f(L,K)=16min(3L,2K)           ... (1) w= $30/hr r=$10/hr We have to…

Q: Consider a purely competitive firm that has two variable inputs L (labor hour) and K (machine) for…

A: We maximize the production function subject to the cost constraints. Cost=C=wL+rk Maximize:…

Q: If the Marginal Cost for a product is found to be MC= 8x+60 , and the Marginal Revenue is given as…

A: The marginal cost(MC) is the cost of manufacturing one more unit of output(o/p). Whereas the…

Q: Consider a firm whose total cost function is 2q 3 – 6q2 + 13q. a. If the price of a unit of output…

A: a.

Q: Jack's car repair factory has the Total Cost function TC(Q)=3.30³-540-8 where Q stands for the…

A: Cost Function  The functional relationship between cost and output is referred to as the cost…

Q: Suppose a firm's cost function is C(q) = 4q² + 16, where C(q) is the total cost, and q is the level…

A: A Firm's cost function is given as- C(q) = 4q2 + 16, where C(q) is the total cost, and q is the…

Q: A firm has the following production function, Q = Q(K,L) = K²+L², where Q is output, and K (capital)…

A: Firm gets maximum profit with use of  optimal level of input where the condition  Of MRTS = factor…

Q: A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of $2,500…

A: The two types of costs incurred by a company producing goods and services are fixed costs and…

Q: help with this question If a competitive firm finds that its average variable cost is decreasing at…

A: The method by which businesses determine the price and quantity of output that will provide the most…

Q: Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the total…

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