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Given: TC = 100 + 60Q – 12Q2 + Q3. Solve the level of output at which the
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- (You will need to use a spreadsheet to tackle these questions.) 1. How much of q can be produced for £60,000 if the total cost function is TC = 86 + 152q − 12q2 + 0.6q3? 2. What output can be produced for £150,000 if TC = 130 + 62q − 3.5q2 + 0.15q3? 3. Solve for x when 0 = −1,340 + 14x + 2x2 − 1.5x3 + 0.2x4 + 0.005x5 − 0.0002x6Consider the following total cost function: TC = 2/3Q3 – 10Q2 + 200Q + 50 A) Identify the FC and VC function? B) Calculate AVC, AFC, ATC, and MC functions C) Determine the level of output at which AVC reaches minimum point and the minimum AVC at that level of output?If TC = 108 + 20Q + 3Q2 , what level of Q generates the minimum average cost?Enter as a value.
- Consider a firm facing conventional technology with U-shaped AVC and ATC and MC. The firm wants to maximize profits given an exogenously fixed price of P = $20. Further, suppose the firm correctly determines that its short run profit maximizing output is 1000 given its costs and the exogenously fixed price of $20.Indicate whether each of the following is anexplicit cost or an implicit cost.a. A manager’s salaryb. Payments to Dell for computersc. A salary forgone by the owner of a firm byoperating his or her own companyd. Interest forgone on a loan an owner makes tohis or her own companye. Medical insurance payments a companymakes for its employeesf. Income forgone while going to colleJim has been employed at Gold Key Realty at a salary of $2,000 per month during the past year. Because Jim is considered to be a top salesman, the manager of Gold key is offering him one of three salary plans for the next year: (1) a 25% raise to $2,500 per month; (2) a base salary of $1,000 plus $600 per house sold; or, (3) a straight commission of $1,000 per house sold. Over the past year, Jim has sold up to 6 homes in a month. Write down the month salary payoff table for Jim.
- This question illustrates the argument on p.114 of the book. A and B own neighboring properties. Beneath their properties is a common well that contains 200 units of oil. The cost to A of extracting oil from the well in period t depends on the number of units of oil in the well at the beginning of the period t, ut, and the number of units of oil A extracts in period t, xAt ; specifically, the average cost of extraction for A per unit in period t is xAt /ut. The analogous cost function for B is xBt/ut. The market price of a barrel of oil is 1, there are two periods (t = 1, 2), and the discount rate is zero. The oil is a common property resource. a) (2) Suppose that A and B "unitize" and cooperatively decide how much oil to extract, and split the profit between them. The jointly profit-maximizing policy is that each extracts 50 units of oil from her well in each of the first two periods, after which the well is dry. How much discounted profit will A and B each make? b) (2) Suppose…Bloomswood Hotel is situated in Forkland, a picturesque town in the mountain region of a country. Allen Grabos works as a gourmet chef at the hotel that caters mostly to tourists. In a conversation with his wife, Delia Grabos, Allen claims that he is underpaid. The hotel makes up to $500,000 per year but his annual salary is only around $28,000 a year. Delia, however, is of the opinion that since new hotels and inns are expected to open in Forkland, the salaries paid to hotel staff in the area should increase. (1) Which of the following, if true, will weaken Delia's argument? A. Due to an increase in the number of fatal accidents recently in Forkland, tourism in the area was adversely affected. B. Tourism revenues in Forkland have been increasing consistently for the past 5 years. C. Spring and summer are the peak tourist seasons in Forkland. D. Bloomswood sold one of its seaside resorts because tourism in that part of the country declined substantially. E. Bloomswood…The AVC and the AC curve can intersects each other at any point True/False
- C(Q) = 100 + 20Q + 15Q2 + 10Q3 Based on the cost function, determine: The fixed cost of producing 10 units of outputs The variable cost of producing 10 unit of outputs The total cost of producing 10 unit of outputs The average fixed cost of producing 10 unit of outputs The average variable cost of producing 10 unit of outputs The marginal cost when Q= 10Before the point of diminishing marginal returns, marginal cost will be increasing. Group of answer choices True FalseFor the cost function C(Q) = 200+3Q2+4Q3, what is the average fixed cost of producing 10 units of output? 18.31 42.12 212.61 20