what is the minimum cost of producing 1000 units of output?

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: 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: The total cost of producing one unit is $100 The total cost of producing two units is $150 At a…

A: It is given that, the total cost of production of 1st unit = $100. The total cost of production when…

Q: For the production function: Q = 12LK , what happens to average cost as the firm produces more? A.…

A: Given, By putting this value of K in production function:

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 Cobb-Douglas production function for new company is given by ?(?, ?) = ?³/⁵ ?²/⁵ where K…

A:

Q: If a cost function is C(q) = 2q3 - 6q2 + 20q • what is the fixed cost? What is the variable cost? •…

A: Economies of scale refers that when the cost per additional unit is decreasing due to increasing in…

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: Production function of a company is given by f(x;y)= root of x + root of y where x is labor and y is…

A: Given:  f(x;y)= x+yCost of labor = w=2 currency unitsCost of capital =r= 1 currency unit

Q: In the previous Problem Set question, we started looking at the cost function C (x), the cost of a…

A: Cost function is given by C(x) = 0.04x3-20x+350

Q: A firm has the following production function: q = KL, where q is output, K is capital and L is…

A: A firm has production function: q = KL,  The price of a unit of capital is $1,000  The price of a…

Q: Often the marginal cost (MC) is initially decreasing as Q rises because... the marginal productivity…

A: Marginal product refers to change in total output due to an addition of one more unit of input.

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: For the total cost function TC (q) = q³ – 30q² + 800q, find the minimum marginal and average cost.…

A: Average Cost(AC)=TCq=q3-30q2+800qqAC=q2-30q+800Marginal Cost=dTCdqMC=3q2-60q+800

Q: If a production function exhibits decreasing returns to scale, average cost will decrease as output…

A: Average cost is the per-unit cost of output.

Q: If the production function is given by f(x1, x2) = min{x1, x2} + min{x3, x4}, what is the minimum…

A: A production function in economics describes the technological relationship between the quantities…

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: What is the marginal cost, if the cost function given is C(Y)=6 a) Y? b) 3Y c) 6Y d) 12Y

A: Marginal cost refers to an additional cost that occurs from producing one more unit of output.

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: For the cost function C(Q) = 500+12Q+4Q2+Q3, what is the marginal cost of producing the eighth unit…

A: Cost is a function of the quantity produced.  It measures the cost incurred in the production of…

Q: Find out the maximum possible output for a firm with 12 units of L and 24 units of K when its…

A: We have to find maximum possible output for a firm with,  Labour (L) = 12 units  Capital (K) = 24…

Q: Consider the production function f (L, K) = LVK

A:

Q: Consider the following Total Cost function TC= 20 + 0.5 Q Assume Q = 10 How much the Average Total…

A: Average total cost is the aggregate of all cost that the firm incur to produce a batch of product…

Q: Suppose the production function is q = 18L0.55K0.75. Determine the long-run capital-to-labor ratio…

A: Cost is minimized at a level where slope of marginal products is equal to slope of price ratio of…

Q: For the cost function below, where C is the cost of producing x units of a product, find the…

A: Power Rule: d/dx (xa) = axa-1 where a is constant. And MC = C'(x)

Q: dollars. C'(x)=15+ 500 X + 1 If the fixed costs are $4,000 per week, find the cost function. What is…

A:

Q: Consider the following cost function: C(q) = 100+10q+q² (i) What are the formulas for the Total…

A: Given the information: C(q) = 100 + 10q + q2

Q: Assume the following total cost function: Q Total Cost $75 1 105 2 128 What is the average fixed…

A: Average Fixed Cost (AFC): It is per unit fixed cost. It continuously decreases because the same…

Q: Suppose that firms face the following production function: Q = L+7* +K+/*. Suppose also that price…

A: A firm optimal production occurs at the following point: (MPL / MPK) = (w /r)…

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: If a production function exhibits decreasing returns to scale, then the average variable costs are…

A: ANSWER STEP-1 If A Production Function Exhibits Decreasing Returns To Scale, Then The Average…

Q: A factory that you are managing has an hourly production process that can be represented by the…

A:

Q: If the total cost function for a product is C(x) = (x+5)° dollars, where x represents the number of…

A: Given, Total cost, C(x)=x+53 The average cost, AC(x) = C(x)/x AC(x) = x+53x To find the units which…

Q: Calculate a cost function from a production function and explain how economic costs differ from…

A: The economic cost is the money value of all resources in the business. It also implies the…

Q: Which of the following statements is true? Group of answer choices If the marginal product of labor…

A: According to the law of diminishing returns as more units of the variable input labor is used with a…

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 Cobb-Douglas production function: 1. Derive the conditional input demands. 2. Derive…

A: Given  Production function: f(x1,x2)=Ax1αx212-α                ... (1) Let P1 and P2 be the input…

Q: Suppose the cost function is C(Q) = 50 + Q − 10Q2 + 2Q3. What is the marginal cost of producing 10…

A: Here, cost function is given as: C(Q) = 50 + Q − 10Q2 + 2Q3 To find: marginal cost of 10th unit.

Q: Given a cost function C(x), which returns the total cost of producing x products, the average cost…

A: Total cost function  C(x) = 80x+150

Q: The fixed overhead expense of a manufacturer of children’s toys is$400 per week, and other costs…

A: Dear student, you have asked multiple sub-part questions in a single post and have not mentioned…

Q: As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500,…

A: Given that: Production Function: q = f(K, L) where K is capital and L is labor. Wage for one…

Q: Find out the maximum possible output for a firm with two units of L and 50 units of k when its…

A: