Michael must pay $700 for a statistical package, plus $140 for each additional analysis add-on. Find a cost function to help Michael determine how many add-ons he can afford to buy. Use C(x) to represent the cost function.

Q: Calculate the value of total cost if average cost is $42 and total units is 5

A: In the above given question, we are given with the values of average cost and total units as:-…

Q: why is the fixed cost 10?

A: Fixed cost doesn't change with the change in the number of output.

Q: What is the average total cost when producing three units? average total cost: $

A: What is the total cost when producing zero units.

Q: What is the value of the exponent in the costcapacity equation if a pump half the size of a similar,…

A: The value of correlation exponent can be calculated as follows:

Q: a bus which holds at most 45 people to go to an educational tour in a museum. The bus company…

A: Firms use the total cost function to compute their profits. The total cost function consists of…

Q: Someday, if you want to be an economist or to study  more about economic analysis, what platform you…

A: While studying economics, economists have the capability to reduce costs while using different…

Q: A firm manufacture robots, for which $10000 machinary is used. The additional per unit cost is $100.…

A: Fixed cost of production  = $10000 Variable costs  of production = $100 Number of units produced = 5

Q: For a cost function C = 100 - 100 - 02 the average variable cost of producing 20 units of outout is

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

Q: Your local pet café has the following costs: $3,000 per month in rent, $5,000 per month in wages,…

A: Firms operating in a market incur fixed costs and variable costs. Fixed costs are the costs that do…

Q: A firm manufacture robots, for which $10000 machinary is used. The additional per unit cost is $100.…

A: Given fixed cost = $10000 Variable costs = $100 Number of units = 5

Q: What is the difference between a price analysis and a cost analysis

A: The Price Analysis and Cost Analysis are both methods to estimate the costs of a project. But the…

Q: What will be the value of  average cost if Total cost is $405 and the output is 30 units

A: The data presented in the question above is:- Total cost = $405  Output = 30 units  We need to find…

Q: True or False Total cost can increase as a result of an increase in variable cost.

A: Total cost It refers to all of the costs and expenses incurred throughout the manufacturing process.…

Q: Calculate average cost when total cost is $100,000 and output is 74 units

A: We are given that:- Total cost incurred by the firm = $100,000  Total output = 74 units

Q: If fixed cost is half the value of variable cost and variable cost is $2200 Find total cost

A: The data presented in the question is as follows:- Variable cost = $2200 Fixed cost is half of…

Q: How would the following cost be classified? Rent that would be received if an owned building were…

A: In economics, costs are classified based on their impact on an individual such as direct cost or…

Q: If the total revenue is 184 units in the total profit is 132 units find the total cost?

A:

Q: If total cost is $600 and output is 10 units Calculate average cost

A: According to the above mentioned question, we have:- Total cost= $600 Output = 10 units  Average…

Q: A local non-profit group prints a weekly newsletter. Professional typists earn $10 per hour and can…

A: Assumptions:- Group of answer choices 5 pros + 0 volunteers ; $0 lunch and driving 0 pros + 10…

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…

Q: How can we determine the Cost Basis?

A: Calculation of the cost basis of an investment shows the capital gain or loss on it. It indicates…

Q: An equation that can be used to determine the total cost, C(t), of the phone plan for t months is…

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

Q: out the following cost chart. Round to the nearest tenth.

A: Every production unit incurs certain amount of costs for production. They have to buy raw materials,…

Q: The number of units that minimizes the average cost is

A: The average cost is the cost computed by diving the total cost of production by the total quantity.

Q: A firm manufacture robots, for which $1000 machinary is used. The additional per unit cost is $100.…

A: Total cost is the sum of fixed cost and variable cost. Variable cost is a cost that varies with the…

Q: The total cost function for a product is given by C(x) = 3x3-9x² -243x + 1229, where x is the number…

A: Given cost function C(X)=3X3-9X2-243X+1229TC should be 50000 at least

Q: Find average cost if output produced is 24 units and the total cost is $8700

A: The data presented in the question above is:- Output produced by firm = 24 units  Total cost = $8700…

Q: Each of Davisson's production managers (annual salary cost, $45,000) can oversee 60,000 machine…

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

Q: If total cost is $370 Find the value of total fixed cost if total variable cost is $210

A: According to the above given question, the values given are:- Total cost = $370 Total fixed cost = ?…

Q: A technology firm has determined that their lowest total cost production technology is $880. If…

A: The lowest total cost of production technology is $880 The machines cost is $100 The company has…

Q: In 2019, X Company sold 5,250 units of its only product. Total revenue was $1,345,575, total…

A: Total Revenue is the total amount earned by the seller after selling the goods and services  or we…

Q: Identify each of the following costs associated with owning an automobile as direct (D) or indirect…

A: The costs involved in the production of a good or service are direct and indirect costs. A direct…

Q: Refer to Table Cost.EX2. When production is 4 units, the firm's average total cost is about

A: Average Total Cost = (Total fixed cost + Total Variable Cost) / Output

Q: Derive (Mathematically and graphically) the cost minimization condition.

A: Let’s assume the following in order to derive the cost minimization conditions.

Q: Suppose isoquant curves are smooth and bend in towards the origin and the cost minimization point is…

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

Q: In detail, What is one example of a non-linear cost function and explain what factors cause the…

A: A cost function whose graph of total cost within a relevant range is not a straight line is defined…

Q: If average cost function is :- 13Q - 54  Find the total cost function

A: The average cost function of the firm is given to us:- 13Q - 54 We are supposed to find the total…

Q: If the Total variable cost is 60units and the given quantity is 3 Find the average variable cost

A:

Q: When the production volume (Q)is(100)units and the total costs (TC)is (1500) omani RIyals and fixed…

A: Total cost = Fixed cost + Variable cost

Q: What is the formulae used to find unit cost?

A: A unit cost is a net cost borne by a business to manufacture, store, and sell one unit of a product…

Q: Total variable cost is $40 and total fixed cost is half of it.  Find total cost

A: According to the above mentioned question, the values are:- Total variable cost = $40 million Total…

Q: Billco had a total cost of $10,000 when it sold 200 units.  It had a total cost of $14,000 when it…

A: Total cost is the sum of Fixed cost and variable cost. Fixed cost is the cost that remains same at…

Q: Find average cost if Total cost is $1000 and the output is 60 units

A: The information given to us is as follows:- Total cost = $1000  Output of the firm = 60 units…

Q: While drawing cost curves, the state of technology must be kept constant True/False

A: # Cost curve is drawn taking into use th fixed cost of the firm and the variable cost incurred by…

Q: 1) Order size (inventory):The Liquor Control Board orders 30,000 cases of French wine in a year. It…

A: Disclaimer:  Since you have posted a question with multiple subparts, we solve the first three parts…

Q: Calculate the average cost when the total cost for the production of 3 units is $75

A: # Average cost is given as the ratio of total cost and the total quantity produces. That it:- AC =…

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…

Q: A parking lot charges $2 per hour for the first 4 hours, then $3 per hour after that. Which…

A: Total cost(TC) function shows how cost(C) changes(Δ) when the parking hours(hrs) changes(Δ). The…

Q: Which of the following describes an implicit cost? NO opportunity cost is involved. NO outlay of…

A: Cost can be of two types, explicit cost and implicit cost.