Part I Given that the marginal cost (mc) to manufacture an Iphone per day is represented by the funtion:- MC= (1/3)q^3 - 100q^2 + 10000q a. What quantity of Iphones will be produced at minimum marginal cost? b. Given that the fixed cost of manufacturing an Iphone is $2000.00. What is the quantity of Iphones that will be manufactured at minimum variable cost?
Part I
Given that the marginal cost (mc) to manufacture an Iphone per day is represented by the funtion:-
MC= (1/3)q^3 - 100q^2 + 10000q
a. What quantity of Iphones will be produced at minimum marginal cost?
b. Given that the fixed cost of manufacturing an Iphone is $2000.00. What is the quantity of Iphones that will be manufactured at minimum variable cost?
Part II
The table below gives the values for the marginal product and average product for producing several levels of output:
| Quantity | Marginal Product | Average Product | Marginal Cost | Average Cost |
| 2 | 20 | 25 | 50 | 40 |
| 4 | 10 | 10 | ||
| 6 | 40 | 100 |
With reference to the table above answer the following questions:
a. What is value for the price of output?
b. Compute the values for the marginal cost.
c. Compute the values for average cost.
d. Sketch the marginal cost and average cost function for the given quantity.
Part III
Indicate and explain the relationships among the average cost, the
Step by step
Solved in 2 steps
