A firm's average total cost of production is Rs.300 at 5 units of output and Rs.320 at 6 units of output. The marginal cost of producing the 6th unit is
Q: If there are implicit costs of production
A: To find : What is implicit cost of production.
Q: Use the following table to answer the following questions: Labor Hours Output 0. 1. 10 18 3. 25 4 30…
A: Answer - Need to find- How many labors to employ Given in the question-…
Q: List three disadvantages of the "push" manufacturing approach to production.
A: Under push manufacturing model, business organization produces goods and services based on predicted…
Q: On the side, the marginal cost (MC) function of a firm is given. As it is known that the fixed cost…
A: Marginal cost is the additional cost a firm incurs when he increases the production by 1 more unit.…
Q: Given the production function y 1/x05, if Price of output is P and price of input X is V and fixed…
A: Marginal cost is the change in variable cost with respect to change in output. Differentiate the…
Q: The market for drones is perfectly competitive. Labor is the only variable input. The fixed cost is…
A: The demand and supply of the labor determines the equilibrium wage rate and quantity of labor. The…
Q: The cost, in dollars, of producing x yards of a certain fabric is C(x) = 1100 + 13x − 0.1x2 +…
A: Answer: Given, The total cost function, Cx=1100+13x-0.1x2+0.0005x3 (a). To find the marginal cost…
Q: The marginal resource cost of a resource measures the extra cost incurred by one more unit of the…
A: Marginal cost is the change in total cost divided by change in output.
Q: Randall Cars repair Factory has the total Cost Function TC (Q) = 4₁1 Q¹+ 26/Qx+30 where Q stands for…
A:
Q: A manufacturer estimates that its variable cost for manufacturing a given product is given by the…
A: Marginal cost is the cost of producing an additional unit of output .
Q: 9. For the cost function C(Q) = 100 + 20 - 302, the marginal cost of producing 2 units of output is…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: If output per per person is .25 and the wage rate is 10,what is the average variable cost?
A: Answer: Given, Output per person=OutputL(units of labor)=0.25Wage rate(W)=10 To find, Average…
Q: 17. A firm's total cost is $10,957 when it produces a quantity of 50. Rounded to the nearest dollar,…
A: here we find the average total cost and choose the correct option which are as follow-
Q: The marginal cost of producing the xth box of light bulbs is 4+ dollars per box. Determine how much…
A: The total cost of production refers to the monetary value of all the final inputs used in the…
Q: The following is cost information for the Creamy Crisp Donut Company Entrepreneur's potential…
A: Explicit Costs or the Accounting Costs refer to the actual monetary payments made during course of…
Q: The market for drones is perfectly competitive. Labor is the only variable input. The fixed cost is…
A: Quantity of Labor (L) Quantity of Output Wage Rate (WR) Total Cost (L*WR) Marginal Cost (TCn -TCn-1)…
Q: Which factor of production is almost never included in a firm's fixed costs? Land Labor Capital All…
A: Land, labor, and capital are considered factors of production.
Q: Labor Output 1 4 2 11 17 20 21 Suppose the firm rents its machine for $10 per day and pays its…
A: Labor Output Variable cost Fixed cost 0 0 0 10 1 4 15 10 2 11 30 10 3 17 45 10 4 20…
Q: A profit maximizing firm produces output using capital, K, and labour, L, in the following…
A: Production function, in the study of economics, helps in establishing a relation between maximum…
Q: X and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5…
A: Total cost is minimized when (MPx / Px) = (MPy / Py) Here, MPx / Px = 30/5 = 6 MPy / Py = 20 / 4 = 5…
Q: Pick up the element of the cost from the following: Select one: a. direct material b. direct labor…
A: There are various types of costs that are incurred during production process.
Q: Output Total Cost 8) $10 20 28 3. 38 4 53 73 6. 98 Refer to the provided table. The total fixed cost…
A: Since you have asked multiple questions, we have answered the first question for you. If you want…
Q: The marginal cost for a manufacturer of cherries is MC(q) = 0.06q³ + 0.5q + 50 per ecaton-cherry.…
A: Marginal Cost(MC) is the change in the total cost(TC) due to very small changes in the quantity(q)…
Q: Which of the following would be considered a fixed cost of Marty Byrde’s Boat Rides & Rental? Group…
A: Total cost is the sum of fixed cost and variable cost. Fixed cost is that cost that does not depends…
Q: Find the minimum cost of producing 30000 units of a product, where x is the number of units of…
A: Cost minimization problem of the firm: Min 91x +96y subject to constraint 30,000 = P(x,y) =…
Q: The cost of producing 5-gallon water bottles is given by: C(q) = 0.005q + 2q + 1000. If 2000…
A: Given: C(q) = 0.005q + 2q + 1000. Quantity (q) = 2000 units
Q: A farm is currently able to produce 10000 bushels of peanuts per season on 10 acres. Assume it adds…
A: The marginal product of an input refers to the extra output that is produced when one more unit of a…
Q: When a firm produces one unit, the variable cost is $3. When the firm produces two units, the…
A: Given information: Variable cost when the firm produces 1 unit = 3 Variable cost when the firm…
Q: When the marginal product of adding a worker is a greater loss than the loss of the marginal product…
A: When the marginal product of adding a worker is a greater loss than the loss of the marginal product…
Q: The marginal cost of producing a product is the cost of producing one more unit. If you produce n…
A: Answer: Given: Total cost function: Cx=10,000+5x+0.01x2 Calculation: (a). The marginal cost of a…
Q: A firm has access to two production processes with the following marginal cost curves: MC1 = 0.25x…
A:
Q: The cost of producing 5-gallon water bottles is given by C(q) = 0.005q2 + 2q + 1000. If 2000…
A: It is given that - C(q) = 0.005q2 + 2q + 1000 and it is given that q = 2000 units.
Q: The marginal cost of a company is MC = 100 – 20x + x² %3D 2006 and the fixed cost is 3
A: Total cost is the expenditure incurred by the producer in production of all units of goods or…
Q: A firm has access to two production processes with the following marginal cost curves: MC1 = 0.25x…
A: A firm minimizes costs when it distributes production across the two process so that marginal cost…
Q: If output rises from 120 units to 140 units as another worker is hired, and this additional worker…
A: Marginal Cost of Production The marginal cost of production is the difference in total production…
Q: The wage is $15 per hour and Paducah’s daily fixed cost for the lathe and building is $50.…
A: * SOLUTION :-
Q: If C(x) = 19,000 + 400x – 3.6x2 + 0.004x³ is the cost function and p(x) = 1,600 – 9x is the demand…
A: Given: TC(x)=19,000+400x-3.6x2+0.004x3 P(x)=1,600-9x Now, TR=P×Q TR=(1600-9x)x (where x is…
Q: In order to produce a new product, a firm must lease new equipment. The managers feel that they can…
A: The quantity of output that can be sold in the market is equal to 10,000 and the per unit price that…
Q: The marginal cost of producing the xth box of light bulbs is 4 + dollars per box. Determine how much…
A: Given: Marginal Cost (MC)of xth element : 4+x^2/1000 dollars per box Total Cost(TC) of xth element:…
Q: The additional cost of producing one more unit of output is calicu
A: A firms has fixed cost and variable cost. The total cost is the sum of fixed cost and variable cost.
Q: which of the following best describes marginal product? A.)Left over output- the loaves a bakery…
A: Total product refers to the total output produced with the given inputs. Marginal product refers to…
Q: Does the minimum efficient scale necessarily have to be where the marginal cost is minimal? Can…
A: When a firm achieves minimum efficient scale, it minimizes its long-run average cost. If a firm does…
Q: jimmy hires only labor and capital at his service shop. The price of labor is $100 per worker per…
A: Fixed cost refers to the cost that remains the same regardless of production. In other words, fixed…
Q: The joint cost, in dollars, for two products is given by C(x, y) = xVy2 + 11. (Round your answers to…
A: Marginal cost is the cost of additional unit produced . To find the marginal cost we need to take…
Q: OUTPUT TOTAL COST 40 1 49 57 64 4 70 77 6. 85 : The TVC of producing 4 units of output is : The AFC…
A: "The total variable cost represented by TVC indicates the total of all the variable costs of inputs…
Q: Consider the following marginal cost function MC= 5 + 2qi. (a) Does the production process exhibits…
A: The production function exhibits the returns to scale or the long run returns of the factors to the…
Q: The weekly total cost of baking pies at Tasty Tortes is given by TC = 0.01 Q 1.5. Tasty's marginal…
A: marginal cost is the change in the total cost that arises when the quantity produced is incremented,…
Q: Which of the following statements correctly explains the average cost and the marginal cost of…
A: Marginal cost refers to additional cost that incurs from producing one more unit of output.
Step by step
Solved in 2 steps
- Urban transit systems, especially those with rail systems, typically experience significant economies of scale in operation. Consider the transit system data in Table 11.4. Note that the quantity is in millions of riders.Why Marginal Cost (MC) is 1?? I did my calcutation and is 2. I replace on fucntion Q = L + (5)2 = L + 25, so L = Q - 25 and put on TC = 2(Q - 25) + 20(5) So TC = 2Q - 50 + 100 = 2Q + 50, then MC = dTC / dQ = 2 You may be replaced TC = wL + rK, but this function no contains Q variable Please confirm that. ThanksA firm produces two different kinds, A and B, of a commodity. The daily cost of producingx units of A and y units of B isC(x, y) = 2x2 − 4xy + 4y2 − 40x − 20y + 514Suppose that the firm sells all its output at a price per unit of $24 for A and $12 for B. Findthe daily production levels x and y that maximize profit. (Be sure to show your first andsecond order conditions.)
- A company produces at most 15 (thousand) widgets per year. Its profit P, in thousands of dollars, is a function of n, the number of widgets prouduced per year( in thousands of widgets) the marginal profit is given by dp/dn = 20 + n -n^2. A. What is the marginal profit if n= 3 ( thousand widgets) should the company increase or decrease production B. What is the marginal profit of n= 8 ( thousand widgets) should the company increase or decrease production C. How many widgets should the compay proudcue in order to maximizeAn SMSE has a production process with fixed lot size A. The table belowshows the total output and the number of workers:No. of Workers (L) Total Output (Q) 0 0 1 10 2 30 3 50 4 56 5 59 6 60 7 60 8 58(a) Determine marginal productivity of labour and average productivity oflabour for each unit of labour. (b) Show the three stages of production (c) Suppose the market price of the output Rs. 150 and the wage rate isRs. 900, how many workers would this firm hire? What if the pricedecreases to Rs. 100?(d) Suppose the market price increases to Rs. 250, what is the highestwage rate the firm would be willing to pay to…A 62 metre length of rope is cut into pieces whose lengths are in arithmetic progressionwitha common difference of d metres. Given that the lengths of the shortest and thelongest pieces are 0.5 and 3.5 metres respectively, find d.(C) For a firm’s product, the demand function isp = 72 2 0.04qand the average cost function isc¯ =500q+ 30 At what level of output would profit be maximized?
- 2. You have a plant that produces copiers for sale. Your costs for producing copiers are 1: $42, 2: $44, 3: $47, 4: $50, 5: $54, 6: $60, 7: $69, and 8: $80. What are your marginal costs for each copier produced? If you sell a copier for $15 per copier, what quantity of copiers sale would you want? Please show workThe Al-Maskri Company in Seeb makes flower pots and receives RO 10 for each finished pot. Mr. Al-Maskri’s only factors of production are flower pot machine operators (labor) and a small building where the laborers work from. The number of flower pots per day the company produces depends on the number of employee-hours per day as shown below. The wage is RO 15 per hour. Number of pots per day Number of employee-hours per day 0 0 5 1 10 2 15 4 20 7 25 11 30 16 35 22 Al-Maskri’s daily fixed cost for the flower pot making machine and building is RO 60. Complete the following Table showing total revenue, variable cost, total cost, and daily profit for various quantities of daily flower pot production. Quantity of Pots per day Total Revenue RO per day Variable Costs RO per day Total Costs RO per day Profit RO per day 0 0 0 60 -60 5 75 -25 10 15…a) Calculate the technical rate of subsitution b) Derive the cost function c(w1,w2,y) c) When w1 = 5 and w2 = 8, calculate the average cost AC(y) and the marginal cost MC(y). For y > 0, which one is larger, AC(y) or MC(y)? d) When w1 = 8 and w2 = 9, derive the supply function y(p) e) Suppose that Pot & Gold Inc has to pay a quasi fixed cost of $50. When w1 = 8 and w2 = 9, derive the supply function y(p) for Pot & Gold Inc
- Now suppose firm X undertakes a process innovation that reduces its marginal cost ofproduction from $20 to $15. The fixed cost of undertaking this process innovation is F > 0. Is this atough commitment or a soft commitment? Why? For what values of F would it make sense for firm Xto make this commitment?Title is my answer for this question correct please advice me Description Making dresses in a labor intensive process. Indeed, theproduction function of a dress making firm is well described by theequation Q=L - L^2/800, where Q denotes the number of dresses perweek and L is the number of labor hours per week. The firms cost ofhiring an extra hour of labor is $20 per hour (wage plus fringebenefits.) The firm faces the fixed selling price, P = $40. a.) How much labor should the firm employ? What are itsresulting output and profit? b.) Over the next 2 years, labor costs are expected to beunchanged, but dress prices are expected to increase to $50. Whateffect will this have on the firm's optimal output? Explain.Suppose that inflation is expected to increase the firm's laborcost and output price by identical (precentage) amounts. Whateffect would this have on the firm's output. c.) Finally, suppose that MCL =$20 and P=$50 but that laborproductivity (output per labor hour) is…An Accra Chemical Factory discharges waste products into a river. These wastes kill many tilapia that are swimming upstream to spawn. While there will no doubt be other ecological damages from the chemical effluent, we wish to focus on those of the fishery. Let E be the tonnes of chemical effluent discharged per month. The equation for Marginal Damages (MD) is MD = 6E. The firm’s Marginal Abatement Cost (MAC) is given by MAC = 800 – 10E. a. Sketch the MD and MAC functions graphically on the same axes. b. Suppose E0 is the point where MAC = 0. Find the total damages (TD) to fishery by the factory per month.