Economic Mathematics Consider the problem of inventory costs and production to satisfy a demand x for a certain product. The data is as follows: Delivery period T = 8 Starting inventory x (0) = 0 Ending inventory x (8) = 144 Inventory cost CI (x (t)) = 7x (t) Production flow cost Cp = 3.5x'2 (t) 1. Write the problem of minimizing total costs over time 2. Check the second order conditions for minimization

Q: Refer to Figure 13-4. Curve A represents which type of cost curve? O marginal cost O average total…

A: The curve A is negatively sloped. It is continuously falling and never rises. Curve A is relatively…

Q: Total fixed costs (dollars) Total variable cost (dollars) Total cost (dollars) 0 0 200 ​ ​ 1 20 ​…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost does not depend on output. It…

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A: Explicit costs and revenues are those financial transactions that are directly related to a decision…

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A: Fixed cost is the part of total cost that does not depend on output produced. It remains fixed even…

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Q: The cost of the average consumer’s basket of goods and services in 2018 is roughly 10 times what it…

A: Goods and services are the result of economic system.

Q: | Fill in the blanks in the following table: Total Total Average fixed Average variable Average…

A: Cost of production means expenditure incurred on factor of production.  Total cost involve varibale…

Q: Using the definition QxAC = TC where Q = output, TC = the total cost of production and AC = the…

A: The average cost of production is calculated by dividing the total cost (TC) by the total output…

Q: Production Data In class, we learned about different kinds of average and marginal costs. Workers…

A: Cost is the total expenditure incurred in producing a good or a service. The cost is classified as:…

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

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A: The table shows output and AC:

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A: cost of production is the monetary value spent on inputs  in producing output . And it is the…

Q: 9. Problems and Applications Q9 Jane's Juice Bar has the following cost schedules: In the…

A: Marginal cost can be calculated with the given formula:

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A: Given: Fuel=$25000 seed, fertilizer, and pesticides=$40000 Equipment=$25000 Other occupations=$20000

Q: What is a cost that changes with the change in volume of activity of an organization

A: The cost that changes with the change in volume of activity of an organization or in other words,…

Q: 1. Economies of scale Web Slinger is an Internet service provider. In the long run, Web Slinger can…

A: Answer: To derive the long-run average cost curve, we need average cost. The average cost schedule…

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A: 1. The company uses two types of resources in order to produce something. These resources are fixed…

Q: Problem 1:William is the owner of a small pizza shop and is thinking of increasing products and…

A: Since there are multiple sub parts in this question, only the first three sub parts will be answered…

Q: Economics Long run average cost is increasing in economies of scale? 1) True 2) False

A: There are two type of scale in business or firm , economies and diseconomies of scale here we can…

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Q: In the short term, the company produces 800 units of production. The average variable costs (AVC) 93…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

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A: LRAC refers to long run average cost and SRAC refers to short run average cost. Long run average…

Q: What will happen to the average total cost if the average variable cost is falling? a. Rises B.…

A: The average Total cost if the the average variable cost is falling is also falling.

Q: Use the following table to calculate AVC - use previous calculations and keep your calculation for…

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Q: Question 4 Copy the table below into your answer booklet and fill in the missing figures: Output…

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

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A: The firm would result in the production of the various goods and services which would involve the…

Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…

A: Quantity Total Cost Marginal Cost Fixed Cost Variable cost AVC ATC 0 120 --- 120 0 0 0 1 210 90…

Q: Output Total Fixed Cost Total Variable Total Cost Average Fixed Average Variable Average Total…

A: Total cost is the sum of total fixed cost and total variable cost. Average cost is the per unit cost…

Q: For graphing paper #1 Y  axis =  total fixed cost (TFC), total variable cost (TVC), and total…

A: Graphical analysis of cost of production is very important as it enables us to gain important…

Q: Let's play around with the concepts of total cost versus marginal cost Suppose a grocery store…

A: Marginal cost is the cost of hiring the additional worker per week.

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Q: What is the total variable cost of 2 oil changes?

A: Total cost is the sum of fixed cost and variable cost.

Q: uestion 13 of 15 Production and Costs: End of Chapter Problems 12. Consider the relationship…

A: There is a significant relationship between marginal cost and average total cost as any change in…

Q: Question 33 Which of the following cost curves does not have a shape that is explained by the law of…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: What is the economies of scale of General Motors?

A: The advantages of cost which is being obtained by the enterprises being solely due to their scale of…

Q: Given the cost information below, answer the following question Output Total Cost $10.00 10 88.40 20…

A: Fixed cost is the cost that remains same at all levels of output. Variable cost is the cost that…

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Q: A student once said she 'didn't believe in sunk costs. She meant that the idea that 'some costs are…

A: Sunk cost refers to the costs that has been paid already and cannot be recovered. That means it is…

Q: Marginal cost, average total cost and average variable cost Marginal cost and average total cost are…

A: a) No, Marginal cost, average total cost and average variable cost are not always equal. There exist…

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A: Incremental cost of production is the increase in total cost due to increase in the production…

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A: Total cost is sum of fixed cost and variable cost. Fixed cost does not depend on quantity whereas…

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A: Explain the concept of economies of scale.   Economies of scale :- It means mass production of…

Q: uantity produced/day Total cost Variable cost 0 $50 0 1 $75 $50 2 $110 $75 3 $155 $100 4 $210 $150 5…

A: In a market, average variable cost is the per unit variable cost, marginal cost is the additional…

Q: Define explicit cost and implicit cost. Briefly discuss the law of diminishing marginal returns.

A: The costs broadly classified into two parts  I) Explicit Costs II) Implicit Costs

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A: Economies of scale and diseconomies of scale occur during the production of goods and services.…