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- Hi, I have been trying to compute the optimal values from this lagrangian. But I can't seem to find a way to get the values from the answer key. I attached both the question and answers. Could you please explain to me how to get these values from the first-order conditions? Thank you very muchSomeday, if you want to be an economist or to study more about economic analysis, what platform you will implement to sustain the development of cost estimating fundamentals?Don’t know if what I have is correct and unsure how to solve the first part to method 2
- Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C(x), the cost of producing items (of whatever they are selling). This question deals with just the cost function C'(x). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by C(x) = 10x10√x - 8. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is NumberWhat is the difference between economies of scope and scale. Also include in your discussion some benefits of each as well as specific application for of each one.3. Minimize the following total cost function: TC = Q³ – 10Q2 + 48Q + 46.
- A small business sells T-shirts during the Lasallian Week Festival. It is estimated that the variable cost to produce one T-shirt is 175 pesos. Also, the total cost to produce 60 T-Shirts is 15000 pesos. T-shirts are sold at a price of 456.25 pesos each. a. Find the total cost model. C(x)= b. How many T-shirts must be sold to break even? T-shirts c. How many T-shirts must be sold to make profit of 9000 pesos? 32 T-shirt (note: do not use space and comma for your answer)the cost of producing 5-gallon water bottles is given by C(q)=0.005^2+2q+1000. If 2000 5-gallon water bottles are produced find the, (i) total cost (ii) average cost (iii)marginal cost (iv) marginal average costPlease include step by step working and derivation of any methods in the following work: Arif and Aisha agree to meet for a date at a local dance club next week. In their enthusiasm, they forget to agree which venue will be the site of their meeting. Luckily the town has only two dancing venues, Palms and Oasis. Having discussed their tastes in dancing venues last week, both know that Arif prefers Palms to the Oasis and Aisha prefers the Oasis to Palms. In fact, their payoffs reflect that if both go to Oasis, Aisha’s utility is 3 and Arif’s 2, while if both go to Palms Arif’s utility is 3 and Aisha’s is 2. If they do not go to the same venue, then they both have a utility of 0. (a) Write the payoff matrix and explain whether there are any pure Nash equilibria. Carefully explain what these are and why. Comment on the existence of any dominant strategy equilibria. (b) Please calculate mixed strategy equilibria, if any, and then derive the probability that Arif and Aisha will find…
- Graph the average total cost curve by first using the point tool to plot points for the average total cost for Q = 1, Q = 5, and Q = 14 and then using the curved-line tool to connect them. You may assume that all total costs for these quantities are multiples of $25. Use the formula ???=??? A T C = T C Q for your calculations. 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.Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C (z), the cost of producing z items (of whatever they are selling). This question deals with just the cost function C (z). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C (z) = 5z – 8/I – 3. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is NumberCould I have some help deriving the solutions? I’m confused given that it isn’t a standard cobb Douglas function