C(x) = Use your function to answer the following questions. (a) What is the cost of renting two tuxes? 24 (b) What is the cost of the second tux? %$4 (c) What is the cost of the 4,098th tux? %24 (d) What is the variable cost? %24 What is the fixed cost? %24 What is the marginal cost? $4

C(x) = Use your function to answer the following questions. (a) What is the cost of renting two tuxes? 24 (b) What is the cost of the second tux? %$4 (c) What is the cost of the 4,098th tux? %24 (d) What is the variable cost? %24 What is the fixed cost? %24 What is the marginal cost? $4

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section: Chapter Questions

Problem 17QP

See similar textbooks

Related questions

Q: The Lawn Ranger, a landscaping company, has total costs of $4,000 and total variable costs of$1,000.…

A: The data presented in the above question is as follows:- Total cost = $4000 Total variable cost =…

Q: What is the average total cost when producing three units? average total cost: $

A: What is the total cost when producing zero units.

Q: What is the avg variable cost of the second unit produces? Quantity total cost 0 20 1 25 2 35 3 50

A: Total Cost is the sum of fixed cost and variable costs. Total Cost=Total Fixed Cost+Total Variable…

Q: A fast food restaurant can produce a hamburger for $1.15. If the restaurant's daily sales are…

A: Given that, The increasing rate of Hamburgers = 30/day Cost of one Hamburgers = $1.15 The daily cost…

Q: a. Does price equal or exceed average variable cost for the first 50 units? |(Click to select) ♥…

A: a. Variable cost for 50 units = VC × Quantity = 17.50 × 50 = 875 Average variable cost = VC / Qty =…

Q: Suppose a firm manufactures coffee makers and sells them for $75$75 each. The costs incurred for…

A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…

Q: Define the term semi-variable costs?

A: The costs incurred by a producing agent in the procurement of factor inputs for the production of a…

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…

Q: If total cost is $100 and output is 13 units Calculate the value of average cost

A: The given information is as follows:- Total cost of the firm = $100 Output = 13 units We need to…

Q: When a firm produces 600 widgets with total cost of $1,300 and fixed cost of $800, what is the…

A: The variable cost per unit is the average variable cost.To calculate the average variable cost,…

Q: A firm is thinking about consolidating its mobile battery assembly in one location. The leading…

Q: Your local pet café has the following costs: $3,000 per month in rent, $5,000 per month in wages,…

A: Firms operating in a market incur fixed costs and variable costs. Fixed costs are the costs that do…

Q: A firm manufacture robots, for which $10000 machinary is used. The additional per unit cost is $100.…

A: Given fixed cost = $10000 Variable costs = $100 Number of units = 5

Q: If average fixed cost is $30 Calculate total fixed cost if output is 30 units

A: According to the above question, the values given are:- Average fixed cost = $30 Output = 30 units…

Q: What is the difference between economic costs and accounting costs? Explain it in your own words and…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Fig 2.1 illustrates the law of diminishing returns in seeking the optimum system (or component)…

A: The Law of Diminishing returns refers to the marginal return states that adding an additional factor…

Q: Use the table and graph below to answer the following question: identify the ATC, AVC, and MC…

A: In the mentioned question we have been asked which curve is AVC, ATC and MC. Also it is asked which…

Q: If average cost is $30 and the output is 15 units. Calculate total cost

A: (Q)If the average cost is $30 and the output is 15 units. Calculate total cost

Q: C(x) = 60 + x² dollars. %3D (a) Find the marginal cost at x = 4 units. MC(4) = Tell what this…

A: Cost function alludes to the functional connection among cost and result. It concentrates on the way…

Q: If marginal cost is less than the average variable cost and output increases, average total cost…

A: Average variable cost(AVC) is the ratio of total variable cost(TVC) to output(Y). Average total…

Q: A printer quotes a price of $7, 500 for printing 1,000 copies of a book and $15, 000 for printing…

A: Cost for printing 1500 Copies = Cost for Printing 2500 Copies - Cost for Printing 1000 Copies =…

Q: How would the following cost be classified? Rent that would be received if an owned building were…

A: In economics, costs are classified based on their impact on an individual such as direct cost or…

Q: If average cost is increasing over a range , it should be the case that a) marginal cost is smaller…

A: When MC < ATC, in this range ATC is decreasing. When MC > ATC, in this range ATC is…

Q: If total cost is $600 and output is 10 units Calculate average cost

A: According to the above mentioned question, we have:- Total cost= $600 Output = 10 units Average…

Q: The difference between variable cost and fixed cost is that Select one: a fixed cost is paid even…

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

Q: The of an input is the output per unit of the input

A: Inputs are any resources used in the production of goods and services. Labor (workers' time), fuel,…

Q: A technology firm has determined that their lowest total cost production technology is $880. If…

A: The lowest total cost of production technology is $880 The machines cost is $100 The company has…

Q: When marginal cost exceeds average total cost, a marginal cost must be rising. b average total cost…

A: MC(marginal cost) & ATC(average total cost) are both U-shaped curves and MC cuts/intersects ATC…

Q: How to calculate the Average cost of producing 1, 2,...15

A: average cost = C/Q = 1000 + 100*Q for every Q we first calculate the C by using the formula C=1000+…

Q: how to calculate total cost analysis

A: Objectives to calculate total cost analysis : Understand and define the critical variable and fixed…

Q: A company handles an apartment building with 50 units. Experience has shown that if the rent for…

A: To maximize profit, the company needs to ensure that the marginal revenue of selling one more…

Q: Average cost is $100 and the output is 70 units Calculate total cost

A: The information given to us is as follows:- Average cost of the firm = $100 Output of firm = 70…

Q: (a) Find the marginal cost function C'(x). C'(x) Use it to estimate how fast the cost is increasing…

A: Answer: Given values: To find: Marginal cost function and marginal cost (at 60,000) Average cost…

Q: Michael must pay $700 for a statistical package, plus $140 for each additional analysis add-on. Find…

A: The cost for a statistical package is fixed is fixed because it must pay. The cost of analysis is…

Q: True or false: a change in fixed costs will change marginal cost. a.True b.False

A: cost of production refers to the monetary value incurred in the process of production and cost is…

Q: What type of cost is included in economic costs, but not included in accounting costs? a. Explicit…

A: Accounting cost includes all the explicit cost. In other words, all the payment made by the business…

Q: Emco Company has an assembly line of fixed size A. Total output is a function of the number of…

A: MPL = Change in Q / Change in L APL = Q / L L Q MPL APL 0 0 1 10 10 10 2 35 25 17.5…

Q: The difference between variable cost and fixed cost is that Select one: a. fixed cost is paid even…

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

Q: A company is planning to manufacture mountain bikes. The fixed monthly cost will be $100,000 and it…

A: Since you have asked a question with multiple subparts, we answer the first three for you. If you…

Q: A firm has this cost function: C= 1000-4Q+5Q2. The firm is currently producing 3 units of its…

A: Given cost function: C = 1000 - 4Q + 5Q2 and the firm is currently producing 3 units of its product.

Q: The variable cost per unit varies with output, whereas the fixed cost per unit is constant." Do you…

A: Total variable cost (TVC) is the total cost component that changes with a change in output, so AVC =…

Q: A company is planning to manufacture wheelchairs that are light, fast, and beautiful. Fixed monthly…

A: In economics, a CF {"cost function"} is described as a function of an output quantity and prices of…

Question

The cost of renting tuxes for the Choral Society's formal is $21 down, plus $87 per tux. Express the cost C as a function of x, the number of tuxedos rented.
C(x) =
Use your function to answer the following questions.
(a) What is the cost of renting two tuxes?
%$4
(b) What is the cost of the second tux?
$4
(c) What is the cost of the 4,098th tux?
2$
(d) What is the variable cost?
%24
What is the fixed cost?
$4
What is the marginal cost?
%24

Expert Solution

Step 1

Total cost is the cost that includes variable as well as a fixed cost of the production process.

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Concert Opportunity Cost 2 You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225 apiece. What does it cost you to attend the concert?
As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500, the cost for one capital is $250. If the firm has a budget of $5000 to produce, what is the firm's optimum output
The cost curve for producing widgets passes through the following points and is piecewise linear in between. Solve, a. What is the fixed cost of producing 600 widgets? b. What is the variable cost of producing 600 widgets? c. What is the cost per unit if only 400 widgets are produced?
The weekly cost C of producing x units in a manufacturing process is given by C(x) = 60x + 2250. The number of units x produced in t hours is given by x(t) = 50t. (a) Find and interpret (C ∘ x)(t). (C ∘ x)(t) = (C∘x)(t) represents the cost of production as a function of time. (C∘x)(t) represents the production as a function of cost. (b) Find the cost of the units produced in 4 hours.$ (c) Find the time that must elapse in order for the cost to increase to $15,000. hr
The cost (C) of a apples in dollars can be represented by the function C(a)=0.27a, and the cost (P) in dollars of b bananas can be represented by the function P(b)=kb, where k is a constant. If C(10)+P(8)=$5.34, what is k ?
What is the difference between a price analysis and a cost analysis
Michael must pay $700 for a statistical package, plus $140 for each additional analysis add-on. Find a cost function to help Michael determine how many add-ons he can afford to buy. Use C(x) to represent the cost function.
If a firm is using optimal input proportions, it is minimizing its costs. True False
Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. Joey's dad is thinking of increasing the rent to $400 per month. As a result, Joey's average fixed cost of cutting grass will _____. Group of answer choices increase by $100. increase by $100 divided by the amount of grass cut. decrease by $100. not change.
When thinking about cost analysis in Microeconomics, what are the real-world problems that occur when applying theories of scale? Describe and give an example of each.
The cost, C, to produce a product as a function of the quantity, q, is given by ?(?)=?3−2.5?2−8?+45�(�)=�3−2.5�2−8�+45 for 1≤?≤101≤�≤10, which of the following is the quantity that minimizes cost?
Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C(x), the cost of producing x items (of whatever they are selling). This question deals with just the cost function C(x). Problem Set question: The cost, in dollars, of producing x units of a certain item is given by C(x)=5x−4x−1−−−−√. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is .