2:34 PM A A O D2B/sEe com Sr Rebecca RashidQUESTToday, 12:02 PMA firm has the following total cost functionTC = 120 + 50g - 10q2 + q°Find the equations fora) Total Variable Costb) Average Variable Costc) Marginal CostXQUESTION THREEMary's utility is given by the following Cobb-Dougias functicU = VX. Y. You are further told thai X and Y represent breada) Write down Mary's constraint.b) Set ap the Lagrangian expression for Mary.c) Find the maximising quantities of bread (X) and sausad) Show that the demand obtained in (C) above have negc) Derive the Indirect utility function.f) Derive the Expenditure function.g) Given that the price of bread (X) is K25 and sausageis K2000. Find Mary's maximum utility....

Question Two: TC = 120 + 50q - 10q2 + q3 (A) Variable cost is that part of TC which depends on…

Answered: A firm TC = 120 + 50g - 10q? + q* Find…

A firm TC = 120 + 50g - 10q? + q* Find the equations for a) Total Variable Cost b) Average Variable Cost c) Marginal Cost

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 16CTQ: Would you rather have efficiency or variety? That is, one opportunity cost of the variety of...

See similar textbooks

Related questions

Q: The firm has total fixed costs of $9 and a constant marginal cost of $3 per unit. The firm will…

A: Here, total fixed cost of a firm is given as $9 and constant marginal cost is given as $3 per unit.…

Q: a) type the profit function of the manufacturer,?(?, ?). B) determine the end points of the profit…

A: Total Revenue -: It refers to the total receipts of a firm from the…

Q: Perum Perindo operates 2,500 hectares of shrimp pond in Bratasena, Lampung. There are many players…

A: In perfectly competitive market, firms produce standardised goods. Profit is maximized at a point…

Q: Given the information that follows: Salefixed s = 750,000; explicit costs = 450,000; return you…

A: The profit is the difference between the revenue and the cost. There are different type of profit…

Q: Find economic profit if total revenue is $4000 , explicit cost is $700 and implicit cost is $500

A: The data presented in the question above is:- Total revenue = $4000 Explicit cost = $700 Implicit…

Q: where is the explanation of the new optimal profit if total costs rise to $353?

A: According to Bartleby guidelines we answer only one question per session and hence the last tutor…

Q: $5,000 per month. Variable cost at the current evel of output of 100 tables per month is $10,0 Which…

A: A variable cost is a corporate expense that changes in proportion to how much a company produces or…

Q: How Break Even Analysis brings changes between fixed and variable cost relations that affect the…

A: Break-even analysis explains the relationship between revenue and cost(cost = Fixed cost + variable…

Q: conomist estima Cost function of a single-product firm C(Q) = 100 + 20Q + 15Q2 + 10Q³ Based on this…

A: Variable costs are any expenses that change based on how much a company produces and sells. This…

Q: 3) A company manufacturing laundry sinks has fixed costs of $100 per day but has total costs of…

A: The profit is maximized where the MR = MC. Thus, condition for profit maximization: MR = MC.

Q: Use the table below to answer the following questions. b) Determine the minimum profit for…

A: Definition: Minimum profit is determined likewise to the exchanging benefit equation in ch6. Ch7…

Q: If a firm is producing 4units of output at an average cost of $45 when the firm produces 5th unit…

Q: The differences between average total costs and average variable costs declines as a firms output…

A: The difference between average total cost and average variable cost declines as a firms output…

Q: Fixed costs decrease per unit of output as volume decreases. True O False

A: Fixed Cost is that cost which are not changed as output changed, that means if output increases or…

Q: Question A5 For a particular product, Marginal Cost (MC) = Q + 5. Find an expression for Total Cost…

A: "Marginal cost is addition to the total cost when more unit of output is produced and it is obtained…

Q: A firm's economic profit is equal to a. total revenue minus accounting profit. b. accounting profit…

A: Explicit cost is the actual monetary expenditure. Implicit cost is the opportunity cost of doing any…

Q: If total cost is equal to total revenue, then profit is equal to zero. a. True b. False

A: # we know that total profit is given by the difference of total revenue and total cost. And at the…

Q: The figure below shows the long-run average cost curve for the only firm producing electricity in…

A: Economies of scale occurs when firm increases level of production and average of cost of production…

Q: If the marginal cost is MC = 30'- +10, the fixed costs are 1, then the total cost TC= (A) Q'-e+100+5…

A: Given MC = Fixed costs = 1

Q: d) Given that Rock star’s cost function is TC(Q) = 1000 + 50Q². Determine the marginal cost and…

A: According to the question, given that the total cost of production is given by TC(Q) = 1000 + 50Q^2…

Q: At which point the total revenue equals to total cost is known as? One word

A: According to the given question Total cost is basically that cost in which the variable cost is…

Q: A division of a company produces income tax apps for smartphones. Each income tax app sells for $7.…

A: *ANSWER :-

Q: If explicit cost is $300, implicit cost Is $220 and total revenue is $700 Find Economic profit

A: The information being given is:- Explicit cost = $300 Implicit cost = $220 Total revenue = $700 We…

Q: At its best possible output level, a firm has total revenue of Rs. 7000 per day and total cost of…

A: The break-even point is the point at which a firm neither gains nor loses as the total revenue…

Q: 2.) If the total cost function is given by C(q) = -0.00002q? + 6.5q + 5400, find the marginal cost…

A: Answer to the question is as follows:

Q: Total costs increase from $1,500 to $1,800when a firm increases output from 40 to50 units. Which of…

A: With MC is constant then it means that that the cost of producing each 10 units is same. Therefore…

Q: Fixed costs and Variable costs are considered to be costs.

A: The factor of productions are the labor, raw materials, capital, land etc which incurred some cost.…

Q: A leather coat manufacturer can produce 150 pieces of leather coats in a week at a total cost of…

A: The following cost calculations are done below:

Q: A firm's average total cost of production is Rs.300 at 5 units of output and Rs.320 at 6 units of…

A: Marginal cost represents the additional cost that the firm must incur when it produce one extra unit…

Q: The Barnes Center started selling first-aid kits for students in the pharmacy! When 300 first-aid…

A: The average cost is the per unit cost of the output and the marginal cost is the change in the cost…

Q: Suppose that Desert Farms want to expand its product line with camel milk and other dairy products,…

A: Aggregate Cost function : C(Q1 , Q2 ) = 75 + (2Q1 - Q2)2 Economies of scope refers to the phenomena…

Q: A cookie company can produce 500 cases of chocolate chip cookies a week at a total cost of $3,000…

A: According to the question, it is given that : A cookie company can produce chocolate chip cookies…

Q: Which of the following are relevant to a firm’s decision to increaseoutput: (a) short-run average…

A: The total cost incurred by firms operating in a market includes fixed costs and variable costs.…

Q: The total cost and total revenue functions for a product are C(q) = 80000 + 50g +0.004q? R(q) = 150g…

A: Hey, thank you for the question. Since there are multiple questions posted, we will answer first…

Q: TC = 4,500 + 5Q2 MC = 10Q What is the average total cost equation? a. b. C. d. ATC= 4500Q + 5 ATC=…

Q: Given Cost and Revenue functions C(q)=q3−10q2+52q+5000 and R(q)=−3q2+2400q, what cost is incurred…

A: Marginal profit means for a unit change in quantity how much profit will change . It is the profit…

Q: A privately owned summer camp for youngsters has the following data for a 12-week session.(a)…

A: It is given that the charge per camper is $480 per week. So, one session consist of 12 weeks. The…

Q: At its best possible output level, a firm has total revenue of Rs. 7000 per day and total cost of…

Q: What would be the profit earned by the firm if his total revenue is $490 and the total costs are…

A: The information given is as follows:- Total revenue earned = $490 Total costs = $500 Total revenue…

Q: Marginal cost is defined by: (a) total cost increases when one more unit is produced. (b) fixed…

A: In economics, cost is further classified as marginal cost, fixed cost, variable cost, average…

Q: A small plant manufacturing riding mowers. The plant has fixed costs (leases, insurance, etc.) of…

Q: Teddy J is a manufacturer of dish washing liquid . If his monthly demand function for 750ml size is…

A: Answer to the question is as follows :

Q: Assume a purely competitive increasing-cost ine

A: Fall in demand in a increasing cost industry induces firms to leave the industry. As the firms leave…

Q: The Framing Gallery frames posters and has total fixed costs of $1,000. The Framing Gallery is…

A: Answer: Any production activity composed of fixed costs and variable cost, fixed cost remains fixed…

Q: A company makes solar panels. The company's revenue function, in dollars, is R(n) = 10n, where n is…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: wheel making company has the following data related to cost: Total Cost = $ 15000 + 1000X and Total…

Q: Can you please solve question # 14

A: The fixed cost of the company is said to be $30,000 and the variable cost which varies per unit…

Q: c) Graph P. d) Use your graph of P to estimate the number of panels that give maximum profit. e) How…

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

Question

2:34 PM A A O D
2
B/s
Ee com Sr Rebecca Rashid
QUESTToday, 12:02 PM
A firm has the following total cost function
TC = 120 + 50g - 10q2 + q°
Find the equations for
a) Total Variable Cost
b) Average Variable Cost
c) Marginal Cost
XQUESTION THREE
Mary's utility is given by the following Cobb-Dougias functic
U = VX. Y. You are further told thai X and Y represent bread
a) Write down Mary's constraint.
b) Set ap the Lagrangian expression for Mary.
c) Find the maximising quantities of bread (X) and sausa
d) Show that the demand obtained in (C) above have neg
c) Derive the Indirect utility function.
f) Derive the Expenditure function.
g) Given that the price of bread (X) is K25 and sausage
is K2000. Find Mary's maximum utility.
...

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 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

Plz answer both i vll upvote ..
According to PfizerLipitorMonopoly: it will benefit O Benefit managers and consumers O Pfizer only O Pfizer and consumers O Pfizer and benefit managers.
Give atleast short definition about the statement of the problem given below.
ollingOnelED.. App Inventor Tic Ta... Calendly-Kathryn.. eaaesID JO Ə V Diane owns a store that sells computers. Her profit, in dollars, is represented by the function P(x) = x - 22x2 - 240x, where x is the number of computers sold. Part A: Diane hopes to make a profit of at least $10,000 by the time she sells 36 computers. Explain whether or not Diane will meet her goal. Justify your reasoning. Part B: Diane states that there are three possible values of x for which she will have a profit of$0. Find the values of x that produce a zero profit to show whether Diane is correct or not. Justify your reasoning.
The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?
Price You are the manager of a firm that charges customers $16 per unit for the first unit purchased, and $12 per unit for each additional unit purchased in excess of one unit. The accompanying graph summarizes your relevant demand and costs. 0 18 16 + 12 10 20 14 8 6 4 2 0 1 2 3 4 Quantity MC-AC D 5 6 7 ernal browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-grow a. What is the economic term for your firm's pricing strategy? First degree price discrimination O Fourth degree price discrimination O Third degree price discrimination O Second degree price discrimination Seved b. Determine the profits you earn from this strategy.
Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?
Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, What is the right amount of variety? Can there be too many varieties of shoes, for example?
How does fixed cost affect marginal cost? Why is this relationship important?
answer this question bu not on excel
What is the difference between accounting profit and economic prof? A Economic profit subtracts both explicit and implicit costs from total revenue, while acounting profit only subtracts explicit costs. OR Accounting proft only subtracts implicit costs from totsi revenue, while economic profit only subtracts explicit costs. OC Economic proft orly subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting proft suberacts both explicit and implicit costs from total revenue, while economic proft only subtracts explicit costs
1. DIHL Co. isa Danao-based logisiCs company owned by Engr. Donaid H. Lalican. Antcipating the growing demand for delivery services, he developed a strategic plan for the year 2022. The options are to hire additional delivery crews in their Mandaue facility, construct a new facity in Talisay City, or subcontract Ohiala Move, a smal-time company. A study conducted by the marketing department forecasted the following payoff values, which are summartzed in the tabie below. The values are expressed as gains and alpha = 0.6. What decision will Engr. Lalcan make using the different criteria under conditions of uncertainty. Question is what is the worst possible decision he will make? States of Nature Decision Alternatives Failure Low Moderate High Hire additional Drivers in Mandaue 450,000 250,000 250,000 500,000 Construct a facility in Talisay 800,000 400,000 300,000 700,000 Subcontracting Ohlala Move 100,000 10,000 150,000 300,000