Question 8 The marginal cost function for a good is given by MC = -Q² + 80Q. Find the total cost function if fixed costs are 500. 111 -홍 + 4002+ 500 12| 옻+40Q2+C -홍+ 8002 + C |4| Q² + 80Q² + 500 |3]

Question 8 The marginal cost function for a good is given by MC = -Q² + 80Q. Find the total cost function if fixed costs are 500. 111 -홍 + 4002+ 500 12| 옻+40Q2+C -홍+ 8002 + C |4| Q² + 80Q² + 500 |3]

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 9SQP

See similar textbooks

Related questions

Q: Question 5 A manager hires labour and rents capital equipment in a very competitive market.…

A: The optimal amount of labor and capital is such where MPL / MPK = w / rWhere, MPL = Marginal product…

Q: A small tie shop finds that at a sales level of x ties per day its marginal profit is MP(x) dollars…

A: Given:MP(x)=1.60+0.10x-0.0012x2Now,MP(x)=P'(x)Thus,P'(x)=∫(1.60+0.10x-0.0012x2)dxP'(x)=1.60x+0.05x2-…

Q: QUESTION SEVEN The average total cost of producing a commodity is given by ATC = 1000'g + 100 -…

A: As per the policy , we are allowed to solve the first three parts in case multiple sub parts.

Q: QUESTION 23 A wheat farmer has a production function of q = KL = K0.5L0.5 with marginal products MPL…

A: Answer: Given, Production function: q=KL=K0.5L0.5 Marginal products:MPL=0.5KLMPK=0.5LK Since the q…

Q: Let x denote the level of output of a firm’s production process. The cost function is given by C (x)…

A: Profits are the excess of revenue receipts over the costs incurred by the firm. To maximize profits,…

Q: Given the production function y 1/x05, if Price of output is P and price of input X is V and fixed…

A: Marginal cost is the change in variable cost with respect to change in output. Differentiate the…

Q: 8. A firm's total cost function is given by TC = 3Q +2Q,Q; +7Q; Where Q, and Q, denote the number of…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: 1. If the cost function of producing a commodity is: 40 + 50x + Vx2 +110 C (x) == where x represents…

A: The given cost function is: C(x) = 40 + 50x + VX2 + 110 Assuming V is a constant greater than 0 To…

Q: Given the following costs functions C1=5q C2=5q+5 C3=5q-5 1. Calculate the marginal costs functions.

A: Marginal cost is the change in the total cost of a firm that arises when the firm produces one more…

Q: Total Cost Hired Output $20 40 $40 80 $60 120 $90 10 160 $130 15 200 $180 21 240 $240 Consider the…

A: Total cost or TC is defined as the costs that are incurred during the production process. Fixed…

Q: A manufacturer estimates that its variable cost for manufacturing a given product is given by the…

A: Marginal cost is the cost of producing an additional unit of output .

Q: Marginal cost is given by the function :- 2Q2 - 130 And the equilibrium quantity is 10 so…

A: # Marginal cost measures the degree of change taking place in total cost of the firm.

Q: A firm has the following information on production and costs from past data: Output…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: 1.The price p in dollars of a certain commodity and the quantity x sold obey the demand equation p=…

A: p = (-x/5) + 200 C = ( /10) + 400 Demand equation…

Q: 1. A firm' s short-run cost function for the production of gizmos is given by the following…

A: Range of output over which it would be profitable where TR> TC . Profit is calculated from the…

Q: An ice cream company finds that at a price of $4.00 for each pint, they can sell 4000 pints of ice…

A: A demand function expresses the relationship between quantity demanded of a good and its price. An…

Q: • TASK 1 – QUADRATIC FUNCTIONS The demand function for a new product is p(x) =-4x + 42.5, where x is…

A: Since you have provided multiple parts question, we will solve the first three parts for you. If you…

Q: Peter's Pipers producers plumbing pipe. The long-run total cost of Peter's pipes is LTC = 20,000q-…

A: LMC is the marginal cost which is the change in total cost by producing an additional unit of output…

Q: Suppose that the marginal revenue for a product is MR = 775 and the marginal cost is MC = 39 times…

A: The following information is given: Marginal revenue MR = 775, Fixed cost = $906, Quantity = 3…

Q: .Mr.Ying is starting a telephone company. The marginal cost for each cell phone is given by the…

A: Given Information , Marginal Cost : C(x) = 0.01x2 + 3x + 229 Marginal Revenue : R(x) = 429 - 2x…

Q: (b) The marginal cost of two firms is given by the following C'(Q) - 100e 10 TC= 3000 when Q = 0 TC…

A: With the given information the following is solved in the next steps.

Q: Steve and Sons Solar Panels has a production function of Q 4KL and faces a wage rate of $8 per hour…

Q: A commodity has a demand function modeled by p = 106 − 0.5x and a total cost function modeled by…

A: In a firm that wants to maximize its profits levels, it becomes vital to determine the levels of…

Q: Question 1. The marginal cost function of a company is given by C'(q) = 3q² – 24q + 210 rand/unit…

A: Before solving the above problem, let us first understand some key concepts relating to costs in…

Q: 8. A firm's total cost function is given by TC = 3Q} +2Q,Q, +7Q; Where Q, and Q, denote the number…

A: Given Information TC = 3Q12 + 2 Q1Q2 + 7Q22 Q1 + Q2 = 40Q1=40-Q2

Q: Match each graph with the function it best represents-a demand function, a revenue function, a cost…

A: Graph a = Demand function, decreases, increases Graph b = Cost function, increase linearly Graph c =…

Q: You start crearing personaize hone cases. Suppose the quantity of cases demanded each month is…

A: (a) The average (AC) costs refer to per unit cost of production. It is obtained by dividing total…

Q: The manager of a company has determined that the cost function for the production can be described…

A: Revenue=Price×QuantityMarginal Cost=dCdQAverage Cost=CQ

Q: Your firm “We Work Eot U" rents access to shared open office spaces for a price of $540 per year.…

A: TR= 540Q TC= 80000+40Q+0.5Q2 Price= $540 per year In perfectly competitive market, for profit…

Q: Consider a firm with a total cost function TC = q^2 + 20q + 225. a) In a diagram, measuring quantity…

A: TC is the total cost of production of an economy. It is made up of variable cost. While MC is the…

Q: 5. Profit: iPhones Assume that Apple's marginal cost function for the manufacture of x 32GB iPhone…

A: Introduction We have given Apple's cost function for the manufacture of x 32 GB iPhone 6's per hour…

Q: 1. Suppose that the production function for a firm is given by the CES function q = f(z1, z2) = (z +…

A: The firm’s production function is, q = f(z1, z2) = (z1^? + z2^?)^(1/?) The firm's cost function is,…

Q: A firm's profit is determined by subtracting the cost of production from its revenues. Suppose we…

A: Given, Binjin Company sells pins at price p=45Cost Function : C9y)=y3-9y2+60y+10, y≥0 The Firms…

Q: 14. The research department of Acme, Inc. has determined the marginal cost function for one…

A: The marginal cost of production refers to the incremental cost incurred in the production of an…

Q: 8. Consider the following cost function: C(Q) = 20Q³ – 15Q² + 10Q. Answer the following questions:…

A: cost function is a function that maps an event or values of one or more variables onto a real number…

Q: Marginal action of producing the same product is C'= 6Q? - 6Q + 400. Assuming Q> 0. a) Find the…

A: Marginal revenue (MR) is the increase in revenue that results from the sale of one additional unit…

Q: If the average cost function of a good is 15 AC =+ 20+11 find the fixed costs and an expression for…

A: The average cost function is: AC=15Q+2Q+11

Q: Q.No.3. Consider the production function:…

A: Q.NO.3. Given The production function: Y = 0.75X + 0.0042X² – 0.000023X³ (a) dY/dX = 0.75 +…

Q: (v) The marginal cost (MC) for a production process is given by MC = 2q? - 16q + 11 where is the…

A: Marginal means additional thus marginal cost means the additional expenditure incurred on the…

Q: If C(x) = 19,000 + 400x – 3.6x2 + 0.004x³ is the cost function and p(x) = 1,600 – 9x is the demand…

A: Given: TC(x)=19,000+400x-3.6x2+0.004x3 P(x)=1,600-9x Now, TR=P×Q TR=(1600-9x)x (where x is…

Q: The marginal cost of producing the xth box of light bulbs is 4 + dollars per box. Determine how much…

A: Given: Marginal Cost (MC)of xth element : 4+x^2/1000 dollars per box Total Cost(TC) of xth element:…

Q: onsider a production function Q = (K1/2) + (L1/2) + (M1/2) where L, K, M represent labor, capital,…

A: Given Production function Q = (K1/2) + (L1/2) + (M1/2) Price of L, K, M are 1,1,and 1 Q=12

Q: The Jabot company's production function is: Q(L, K) = L½K½ The target level of output is: Q = Qo The…

A: In the long run the optimal condition is given by, MRTS = (w/r) This means that the slope of the…

Q: Given Cost and Revenue functions C(q)=q^3-11q^2+55q+5000 and R(q)=−3q^2+2400q, what cost is incurred…

A: Hi there , as per our guidelines we are only allowed to solve up-to 3 sub parts of a question at a…

Q: Consider the following marginal cost function MC= 5 + 2qi. (a) Does the production process exhibits…

A: The production function exhibits the returns to scale or the long run returns of the factors to the…

Q: A firm has a production function q = min [L-OKO.6 2M] (a) Find the firm's optimality condition for…

A: Answer a) We need to produce q* This implies q* = min (L^0.6K^0.6, 2M) or M = 0.5q* The Marginal…

Q: B. The profit and cost functions for the sale of college polo shirts are given by P(x)=650x-8x'…

A: The markets are the place where the buyers of goods, and services tend to meet and interact with the…

Q: For output levels of 1, 2, 3, 4, 5 and 6 units, a competitive firm's total costs are $142, $172,…

A: Profit maximize when MC = MR MC is marginal cost and calculated by MC = (TCn - TCn-1)/(Qn - Qn-1)…

Q: Consider production function f(L, K) = 10VLK and input prices w = 10,r = 90. a. Solve the long run…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?
Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costs
1. Minimize short (K fixed atK ) and long run cost of the following production technologies: a. q = 6K1/4L1/3 b. q = 20K1/2L1/2 c. q = K2L3 2. Derive the Short Run and Long Run Marginal Cost functions and determine whether Marginal Cost is increasing or decreasing with output. Explain why. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Question Given the following cost function: TC = 1500 + 15Q – 6Q 2 + Q3 (a) Determine the total fixed cost for producing 1000 units of output and 500 units of output. (b )What is AFC at: 1000 units of output b) 500 units of output iii. (c) Determine TVC, AVC, MC and AC at 50 units of output
Suppose a company has fixed costs of $300 and variable costs of 3/4 x+1460 dollars per unit, where x is thetotal number of units produced. Suppose further that the selling price of its product is 1500−1/4 x dollars per unit.(a) Find the break-even points.(b) Find the maximum revenue.(c) Form the profit function from the cost and revenue functions and find maximum profit.(d) What price will maximize the profit?
Revenue and Cost The total revenue function for LED TVs is given by R = 1050x dollars, and the total cost function for the TVs isC = 10,000 + 30x + x2dollars, where x is thenumber of TVs that are produced and sold.a. Which function is quadratic, and which is linear? b. Form the profit function for the TVs from thesetwo functions.c. Is the profit function a linear function, a quadraticfunction, or neither of these?
Let's assume that a firm's total weekly costs are as follows: 1. Salaries = $5000. 2. Supplies = $1000. 3. Rent = $600. In addition, the owners have invested $30,000 of their own money into the business. This could have earned them interest of $100 per week if they had chosen to put it into a bank instead of investing it into their business. If the firm has weekly revenue of $20,000, the firm's accounting profit is ____________, and the economic profit is _____________. Loss of $18,987; profit of $5,690 Loss of $16,600; loss of $16,700. Loss of $16,700; loss of $16,600. $13,300; $13,400. $13,400; $13,300.
34- 34 - : If firm X produces 20 units of product with a total cost of 100, what is its average cost? a) 2nd B) 120 NS) 80 D) 5 TO) one
The graph shows the cost curves are they profit maximizing firm in a competitive market. If the market price is $30 and the firm produces at the profit maximizing quantity, what is the total variable cost A: $5400 B: $7200 C: $3960 D:
Can you please answer parts d & e below only as you have answered the first 3 parts previously: Frank pays 50,000/year in fixed costs. If his shop sells Q cups of tea in a year, the other costs add up to be 10000/Q + Q/20000 per cup of tea What is the: a) average fixed cost, b) average total cost c) variable cost and marginal cost (derived from the the variable cost) d) the annula production level such that the average variable cost is minimised e) the difference between the marginal cost and average variable cost at this production level
This is a repeated question since you guys only answerone question at a time! Let's assume that a firm's total weekly costs are as follows: 1. Salaries = $2,600. 2. Supplies = $400. 3. Rent = $800.In addition, the owners have invested their own money into the business. This could have earned them interest of $150 per week if they had chosen to put it into a bank instead of investing it into their business. If the firm has weekly revenue of $4,000, what are the firm's accounting profit and economic profit? Show your work please.
he fixed costs for a certain item are $205 per week. The fixed cost is the y-intercept. The cost to produce each item is $4 per item.Using this information, what is the cost equation? Give your answer in slope-intercept form:y= The retailer intends to sell each item for $15/item.Using this information, what is the revenue equation? Revenue is the amount of money the retailer gets. Give your answer in slope-intercept form:y= f 21 items are made, what is the total cost to the retailer? What is the revenue from selling 21 items? Finally, what profit did the retailer make when they sell 21 items? Note: Profit = Revenue - Cost.