Given the average-cost function AC=Q^2-4Q+174, find the MC function. Is the given function more appropriate as a long-run or short-run function? Why?

Q: Marginal cost is the slope of both the average variable cost and the variable cost functions. Select…

A: Marginal cost is the change in total cost or total variable cost per unit change in output.

Q: With a total cost function of: TC = 50 + 2Q +2Q², where Q is the output quantity, solve for the…

A: Total cost TC = 50 + 2Q + 2Q2 Fixed cost Fixed cost is that part of TC which does not depends on…

Q: The short-run cost function of a company is given by the equation TC = 200 + 55q, where TC is the…

A:

Q: Which of the following statements best represents a difference between short-run and long-run cost?…

A: In the production function, different inputs are used to produce the final output. Each input has…

Q: Give the formulas for and plot AFC, MC, AVC, and AC if the cost function is      a C = 10+10q (MC =…

A: To Calculate AFC, MC, AVC, AC we use the following formulas. AFC = FC/QMC is the derivative of C…

Q: The average cost for a firm is given as a function as follows:- AC 3Q²-6Q + 20 = Calculate the Total…

A: WE Know that the average cost simply defined as the total cost per unit of output.  That is :- AC =…

Q: Suppose the cost function is C(Q) = 50 + Q − 10Q2 + 2Q3. At 10 units of output, the average cost…

A: In economics, the cost curve is a graph of production costs as a function of the total value…

Q: short-run with a fixed amount of at least one input, the Law of Diminishing Returns must apply,…

A: The law of deminishing marginal returns is one of the key standards of financial matters and is…

Q: A firm with only fixed costs will have which of the following average cost relationships? As…

A: Average Total Cost is calculated by dividing the total cost with units of output. Average Cost =…

Q: The marginal cost curve: is a vertical line. generally rises at first and then declines as output…

A: Marginal cost is the cost of producing additional unit of output. The shape of marginal cost depends…

Q: Cost is in dollars and x is the number of units. Find the marginal cost function. MC for the given…

A: Given data: Cx=700+5x+0.04x2

Q: The total cost function of a firm is:- 23Q² - 13Q + 40 Find the average cost function

A: The total cost (TC) is divided by the entire output to get the average cost of production (Q). All…

Q: The daily cost function for producing x printers for home computers was determined to be C(x) = x²…

A: Given  TC = C (x) = x2 + 8x + 6000

Q: In the short run with fixed amount of at least one input, the law of diminishing returns must apply,…

A: When the one input is fixed then the firm experience diminishing returns because adding one more…

Q: When the marginal cost curve lies below the average total cost curve, it is true that as output…

A: Answer to the question is as follows:

Q: For a short-run cost function which of the following statements is (are) not true?

A: The marginal cost function intersects the average variable cost function where the average variable…

Q: Over the positively sloped portion of the short-run average cost curve, the effect of productivity…

A: In the short-run , the average cost curve is the sum of total variable cost and total fixed cost.…

Q: In a few words, name the reason that production function q = f(L,K) might have diminishing marginal…

A: Answer in step 2.

Q: Cost is in dollars and x is the number of units. Find the marginal cost function MC for the given…

A: Given, C(x) = 700 + 5x + 0.04x2

Q: Which of the following must be falling when the short run marginal cost is less than it, and rising…

A: Total Cost is the sum of the Total Variable Cost and Total Fixed cost of any firm. Total Fixed is…

Q: If the production function of a firm is P = 60kl, where the price per unit of input k is $10 and I…

A: Production function of a firm : P = 60kl Price of per unit of k : r=$10 Price of per unit of l :…

Q: For Questions 24 to 28, consider the following total cost function: TC = 0.2q° + 6q + 50 where TC is…

A: In a market, average total cost, marginal cost and other types of cost can be determined with the…

Q: The marginal cost curve intersects the minimum point of both the average total cost curve and the…

A: The following are the definitions of the terms asked in the above questions. The marginal cost is…

Q: The short run production function is q = 10*L. The wage rate is $10 per unit of labor, then AVC:

A: AVC is total cost divided by output.

Q: Consider the following production function: Q = 2K + 6L where K represents Capital, L represents…

A: The linear production shows inputs are perfect substitutes, meaning only one of them is used.

Q: What is the critical point of the total cost function TC=1/3Q3+6Q2-640Q

A: Critical points are calculated by setting the derivative of a function equal to zero.

Q: Explain the following statement by using a graphical analysis: “Shape of the short-run cost curves…

A: The shape of the short-run total cost (TC) curve is cubic and that of the average cost (AC) curve is…

Q: Is it true or not that the marginal cost  C′(x) is equal to the average cost at the critical points…

A: Average cost is the cost of making a single product calculated by dividing the Total cost by the…

Q: Suppose that cost function is C(Q) = mQ 2 + nQ + p. Find the point that average cost function A(Q)…

A: Average cost=total cost/quantity

Q: When the average total cost curve is at its minimum, we know that the: a. marginal cost curve is…

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

Q: At quantities less than the long-run minimum cost per unit of output, the long run average total…

A: At quantities less than the long-run minimum cost per unit of output that is quantities less than Q…

Q: Consider a producer with the production function y = min {2L, K} and suppose the input prices are…

A: Given, The production function, Y = min(2L, K), w = 1 r = 2 a) The cost function is given by: C = wL…

Q: Show the relationship between production function and cost function

A: Production function refers to the quantities of a physical product to the quantity of factors of…

Q: Which of the following best describes the isoquants of the production function: q=0.5L+0.3K a.…

A: OPTION B - Linear and Downward Sloping q=0.5L+0.3K  Here, labor and capital are perfect substitutes.

Q: Suppose the short run production function is q=10*

A: Given the production function, q = 10*L Wage rate = $10

Q: a production function exhibits constant returns to scale, average cost will increase as output…

A: Production function, in financial matters, condition that communicates the connection between the…

Q: Consider the following cost function. a. Find the average cost and marginal cost functions. C(x) =…

A: The provided cost function is: Cx=1700+0.4x

Q: Consider a company that has fixed costs of $6,700 and a marginal cost of $26 per item.   What is…

A:

Q: Consider the following total cost function: where represents output and are constants. What can we…

A: Answer: (b) The firm experiences falling average fixed costs, but rising average variable costs.

Q: A downward-sloping portion of a long-run average total cost curve is the result of

A: The term scale of production refers to the dimension of a firm. A small-sized firm defers lower…

Q: accountant for a car rental company was recently asked to report the firm's costs of producing…

A: A company's complete expense is the amount of the expenses of the multitude of information sources…

Q: the envelope curve be tangential to the bottom of each of the short-run average cost curves? Explain…

A: In Economics, qualification is frequently made between the short-run and long-run. In the short-run…

Q: Average variable cost and average total cost get closer as output increases because a) productivity…

A: ATC = AVC + AFC So, AFC = ATC - AVC (= distance between ATC and AVC curves) Also, AFC = TFC / Q As Q…

Q: Find the value of Marginal cost if the marginal cost function is given is :- 3Q2 - 42 And the…

A: The information being given to us:- Marginal cost function is as:- 3Q² - 42  Quantity is 5 units  We…

Q: The vertical distance between the average total cost curve and the average variable cost curve: (a)…

A: Cost of production are the amount of dollars incurred by the business company on its commodities and…

Q: an interest payment on a loan to a firm is an explicit or implicit cost?

A: The implicit cost is an indirect cost defined as the opportunity cost of utilizing a firm's…

Q: A firm can build a plant of three different sizes. The short-run average total cost curves of each…

A: Answer to the question is as follows :