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A: The data presented to us is:- Explicit cost of the firm = $3000 Total revenue of the firm = $6600 We…
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A: Given cost function:- C(x) = 127 + 8.6x x = units of output produced
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A: According to the question, the firm's average revenue function is given as:- 35Q + 40
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A: As per the question Total cost = 530 Variable cost = 42 Fixed cost = ?
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A: Unit Method is a very simple and quick method. Number of units are counted and are then multiplied…
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Q: Find the minimum value of the average cost for the given cost function on the given intervals. C(x)…
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A: The monetary worth of goods and services purchased by producers and consumers is referred to as cost…
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Q: Find the total cost if the fixed cost are 1349 and the variable cost are 533.
A: Fixed cost=1349 Variable cost=533
Q: What is the optimal order quantity and the minimum annual cost for Bell Computers to order,…
A: EOQ = [ 2 x demand once a year x cost of ordering / cost of holding one unit per year]^0.5 = [ 2 x…
Q: Find accounting profit if total revenue is $3300 and the explicit cost is $1300
A: The data presented in the question above is:- Total revenue = $3300 Explicit cost = $1300 Accounting…
Q: Calculate the total cost if average total cost is $35 and the unit of output is 22 units
A: The Given information is as follows:- Average total cost of the firm = $35 Units of output = 22…
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A: The data presented in the question above is:- Accounting profit = $340 Explicit cost = $600 Total…
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A: The information being given is:- We are given with the average cost function:- 3Q² - 14Q + 20 We…
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A: According to the above given question the values given to us are:- Fixed cost of the firm = $100…
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A: Total revenue is defined as the revenue earned by a firm by selling all its output.
Q: A firm wants to minimize cost when Q=160=2√KL ;r=4 k=2 a) write out the Lagrangian function b)…
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Q: how to calculate total cost analysis
A: Objectives to calculate total cost analysis : Understand and define the critical variable and fixed…
Q: Find average variable cost given:- Total variable cost is $490 and the output is 30 units
A: The data presented in the question above is:- Total variable cost = $490 Output = 30 units Average…
Q: What would be the value of average cost if total cost is $1600 and output is 24 units
A: The information being given is:- Total cost = $1600 Output = 24 units We have to calculate the…
Q: Find the average cost function if cost and revenue are given by C(x) = 170 + 3.6x and R(x) = 5x –…
A: Average cost refers to the cost (AC) per unit. The average cost function can be derived as follows.
Q: Calculate total cost when profit is $310 and the total revenue is $650
A: The data presented in the question above is:- Profits = $310 Total revenue = $650 Total cost is to…
Q: all average cost can be calculated by deriving the per unit cost. True or False
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Q: Total Cost = C(x) = 0,005x^3 - 0,49x Lnx +5x Find : a. Average Cost Function b. Average Cost…
A: Average cost (AC) = C(x) / x AC = 0.005x2 - 0.49 Lnx + 5
Q: What will be the Total revenue If the total cost is 200 and the profit is 400!
A: Relatively in the given question, Total cost amount is = 200 Profit valued as = 400 Total revenue…
Q: Find the fixed cost if the total cost are 530 and the variable cost are 42.
A: Given data: Total cost, TC=530 Variable cost, VC=42
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A:
Q: Q.6 To express relationship between the average cost functions, which of the following is true: (a)…
A: # We know well that the total cost function is given by the sum of total fixed cost and total…
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- Siam Manufacturing has implemented several programs to improve its productivity. President and producer of Thai tea instant, has been able, with his current equipment, to produce 12,500 units this year and 10,500 units for last year. In this year, their product requires 13,200 labor hours, utilities of S8,250, and capital of $88,000 to process. For last year, their product requires 12,000 labor hours, utilities of $7,600, and capital of $83,000 to process. They have asked you to evaluate the firm's productivity by comparing this year's performance with last year's. Last year This YearOutput 10,500 units 12,500 unitsLabor hours 12,000 13,2000Utilities $7,600 $8,250Capital $83,000 $88,000what is the multi-factor percent change this year vs last yearTrue/False: 1. Implicit costs are those costs, which have been incurred in the past and cannot be recovered bycurrent decisions.2. It is possible for the economic profit and accounting profit to be equal to one another.3. If Ed<1, an increase in price leads to higher revenue.4. In the long run, at least some of the inputs should be variable.5. Production is a transformation of resources in to goods and services.The revenue cost statement for a popular grocery store owned and operated by John Mathew is presented below; John Mathew owns and operates a corner grocery store.John works full time as the manager, chief cashier, and janitor.John had $ 140,000 worth of refrigeration and other equipment invested in the store. Last year, John's total sales (revenue)were 170,000. During the the year he incurred the following costs: Groceries wholesale $ 76,000, Utilities $4,000 Taxes $6,000, Advertising $2,000, Labor services $12,000. If John had invested his funds he would have earned 5% interest. (Interest foregone on the $140,000* 5%) Do not include the investment of $140,000, only the interest forgone. If the building that John owned was not being used as a grocery store , it could be rented for $1,500 a month. (Rental income is thus forgone.). In addition, since John is tied up working in the the grocery store a $50,000 managerial position with the local jewel is gone.( Salary forgone) Calculate…
- Definition of economic costs Hubert lives in Detroit and runs a business that sells boats. In an average year, he receives $728,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $428,000; he also pays wages and utility bills totaling $262,000. He owns his showroom; if he chooses to rent it out, he will receive $18,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Hubert does not operate this boat business, he can work as a paralegal, receive an annual salary of $21,000 with no additional monetary costs, and rent out his showroom at the $18,000 per year rate. No other costs are incurred in running this boat business. Identify each of Hubert’s costs in the following table as either an implicit cost or an explicit cost of selling boats. Implicit Cost Explicit Cost The wholesale cost for the boats that Hubert pays the manufacturer The wages and utility…The growth rate of the demand for coal in the world is 6 % per year. In what year will the demand be double that of 1997 ? Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.1. Explain what is meant by working capital management and discuss the importance of working capital management in a company. 2. You are currently working as a manager in a retail company. It is known that the company sells 2,500 cartons of cooking oil per year. The cost for each reorder cost of cooking oil is Rp. 750,000 and the carrying cost is Rp. 150,000. By using the Economic Order Quantity (EOQ) formula, determine how many units are optimal for each order?
- 1) Classify each of the following cost items as mostly fixed or variable:a. Raw materialsd. Administrative salaries g. Direct laborj. Rentb. Depreciatione. Insurance (building & equipment) h. Suppliesk. Payroll Taxesc. Clerical salariesf. Property taxesi. Sales commissionsl. Interest on borrowed moneyDefinition of economic costs Edison lives in Detroit and runs a business that sells guitars. In an average year, he receives $793,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $430,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $15,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Edison does not operate this guitar business, he can work as a financial advisor, receive an annual salary of $50,000 with no additional monetary costs, and rent out his showroom at the $15,000 per year rate. No other costs are incurred in running this guitar business.Shunda is a calculator assembly company, purchase a full set of the calculator parts, assembled into a calculator to sell in the market. In recent years, the price of the calculator has remained steady at 60 yuan/units, the basic data of the input and output of shunda in 2013are listed in the table below: Hourly wage is 6 yuan per hour, price of parts is 25 yuan per set, power consumption is paid by 0.6 yuan per watt, the extract depreciation of equipment is 3 yuan per hour, and Shunda spends fixed costs 10000 yuan per month to pay all of the regular fee According to the above data, is it possible to estimate the production function and cost function (TC, TVC, AC and AVC)?
- Definition of economic costs Manuel lives in Chicago and operates a small company selling drones. On average, he receives $702,000 per year from selling drones. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $402,000. He also pays several utility companies, as well as his employees wages otaling $279,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $8,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Manuel does not operate the drone business, he can work as a programmer and earn a yearly salary of $20,000 with no additional monetary costs, and rent out his storefront at the $8,000 per year rate. There are no other costs faced by Manuel in running this drone company. Identify each of Manuel's costs in the following table as either an implicit cost or an explicit cost of selling drones. Implicit Cost Explicit Cost O The wages that…E4 ACME Corporation produces a variety of products for its diverse customer base, including the jet-powered pogo stick and jet-propelled tennis shoes, both of which are essential for catching roadrunners. Currently, they produce 40,000 engines per year that are used in the production of these two products. As the production manager for thisproduct line, you have determined that last year’s costs to produce the engines included: $99,600 in direct material expenses, $298,800 in direct labor expenses, $224,100 in variable overhead costs (i.e. power to operate the equipment), and $116,200 in fixed overhead costs (i.e. utilities to keep the factory operational). ACME plans to produce these engines only for the next 6 years. If they produce the engines in-house, they anticipate that direct material costs will increase at a rate of 5% each year. Further, they anticipate that labor costs will increase at a rate of 6% per year and variable overhead costs will increase at a rate of 3% per year.…Which of the ff statements are true about cost function a. It estimate the total cost of production given a specific budget b. It helps predict what the marginal cost would be to produce a product at different levels of output c. It allows management to evaluate how efficiently the production process was at the beginning of the operation period d. It helps manager understand the price behavior of the product A firm profit maximization point is where a. Total revenue Is greater than total cost b. Marginal revenue is equal to marginal cost c. Marginal revenue is greater than total cost d. Marginal cost is less than total cost