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Does the minimum efficient scale necessarily have to be where the marginal cost is minimal?
Can taxes be Pareto improving? How?
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- Consider the following marginal cost function MC= 5 + 2qi. (a) Does the production process exhibits increasing returns? decreasing returns? constant returns? (b) If the price is $23. What’s the optimal production level? (c) If the price is $31. What’s the optimal production level?Explain why optimal marks- up varyI need help. If you can explain the process and not just give the solution, I would appreciate it, because I'll learn better. A coal-fired power plant produces electricity for a town with a population of 1000. The retail price of electricity is sustained at $50.00, but every unit of electricity emission may cause damage and increased mortality risk of this amount $0.01 for every member of the town next to the plant. With a marginal cost curve MC=q and q is considered the output, what is the marginal damage of every or each unit of emission? What is the optimal quantity output for society? Is there a deadweight loss? When the electric plant decides to maximize profit and chooses q (in the cost curve), what would be the outcome?
- At zero level of production, _______ cost is always zeroFor the operator of a movie theater, the marginal cost (MC) of admitting one more person to the theater is zero. True or False? Why?Given Q=100kL0.5 , C=1200 w=30 r=40 (a)Determine the quantity of labour and capital the firm should use in order to minimize the cost.
- Does the value of λ change if the budget changes from $4600 to $5600?What condition must a Cobb-Douglas production function q = cKαW β satisfy toensure that the marginal increase of production is not affected by the size of thebudget?The wages paid to workers employed by a firm are an example of an explicit cost. a. True b. FalseDoes the production function y=0.8x_1x_2 exhibit constant returns to scale, increasing returns to scale, decreasing returns to scale, or homothetic returns to scale
- The cost function for producing x items is C(x)=x2-3x+625. a.Find the average cost function. b.What is the minimum average cost? c.Find the marginal cost function. d.Is the point of intersection of the average cost and marginal cost function the same which produced the minimum the average cost? 2.Determine where the function f(x)=4x3-3x2+6 is concave and where it is convex. 3.An efficiency study conducted for Spektra Electronics Showed that the number of Base Commander handsets assembled by the average worker t hours after starting work at 8 a.m is given by N(t)=-t2+6t2+15t (0t4) At what time during the morning shift is the average worker performing at peak efficiency?For the cost function C(Q) = 100 + 4Q + 19Q2 + 2Q3, what is the marginal cost of producing the fourth unit of output?The law if diminishing marginal returns is the rate at which one input maybe substituted for another input in the production process? True False
