EBK ECONOMICS TODAY
18th Edition
ISBN: 9780100663251
Author: Miller
Publisher: YUZU
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Question
Chapter 22, Problem 1FCT
To determine
Whether a firm adopting additive manufacturing to create first samples of new introductions is going to have a large minimum efficient scale.
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If significant economies of scale are present, large firms will be much more efficient producers than small firms.
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Would you expect two farms of widely different size to have the same fixed costs on their enterprise budgets for the same enterprise? Might economies or diseconomies of size explain any differences?
I need help. If you can explain the process and not just give the solution, I would appreciate it, because I'll learn better. A coal-fired power plant produces electricity for a town with a population of 1000. The retail price of electricity is sustained at $50.00, but every unit of electricity emission may cause damage and increased mortality risk of this amount $0.01 for every member of the town next to the plant. With a marginal cost curve MC=q and q is considered the output, what is the marginal damage of every or each unit of emission? What is the optimal quantity output for society? Is there a deadweight loss? When the electric plant decides to maximize profit and chooses q (in the cost curve), what would be the outcome?
Chapter 22 Solutions
EBK ECONOMICS TODAY
Ch. 22 - Prob. 22.1LOCh. 22 - Prob. 22.2LOCh. 22 - Prob. 22.3LOCh. 22 - Prob. 22.4LOCh. 22 - Prob. aFCTCh. 22 - Prob. bFCTCh. 22 - Prob. cFCTCh. 22 - Prob. dFCTCh. 22 - Prob. eFCTCh. 22 - Prob. 1CTQ
Ch. 22 - Prob. 2CTQCh. 22 - Prob. 1FCTCh. 22 - Prob. 2FCTCh. 22 - Prob. 1PCh. 22 - Prob. 2PCh. 22 - Prob. 3PCh. 22 - Prob. 4PCh. 22 - Prob. 5PCh. 22 - Prob. 6PCh. 22 - Prob. 7PCh. 22 - Prob. 8PCh. 22 - Prob. 9PCh. 22 - Prob. 10PCh. 22 - Prob. 11PCh. 22 - Prob. 12PCh. 22 - Prob. 13PCh. 22 - Prob. 14PCh. 22 - Prob. 15PCh. 22 - Prob. 16PCh. 22 - Prob. 17P
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- An accountant for a car rental company was recently asked to report the firm's costs of producing various levels of output. The accountant knows that the most recent estimate available of the firm's cost function is C(Q) = 100 + 10Q + Q^2, where costs are measured in thousands of dollars and output is measured in thousands of hours rented. a. What is the average fixed cost of producing 2 units of output? b. What is the average variable cost of producing 2 units of output? c. What is the average total cost of producing 2 units of output? d. What is the marginal cost of producing 2 units of output? e. What is the relation between the answers to (a), (b), and (c) above? Is this a general property of average cost curves?arrow_forward1. If the average cost of a plant to produce a "q" unit is explained by the functions below this: C = 0.0003q2 - 0.001q + 4 + 20.000/q a. What is the marginal cost function of product q?b. What is the marginal cost when producing 10 units?c. What is the marginal cost when producing 50 units? 2. If the average cost of a plant to produce a "q" unit is explained by the functions below this: C = 0.0001q2 - 0.002q + 5 + 10.000/q a. What is the marginal cost function of product q?b. What is the marginal cost when producing 20 units?c. What is the marginal cost when producing 100 units?arrow_forwardC(Q) = 100 + 20Q + 15Q2 + 10Q3 Based on the cost function, determine: The average fixed cost of producing 10 unit of outputs The average variable cost of producing 10 unit of outputs The marginal cost when Q= 10arrow_forward
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