1 c) The product function of a company is given by v? , where v is the number of units of the input factor. The company buys the input factor at a fixed price per unit given at 5 q=. Assume further that the company has fixed costs which in their entirety are sunk costs, and which is given by F = 100 . Show that the company's cost function is CO 20= y +100 .

13) A firm's total cost function is TC = 0.5Q², where Q is the output level. What is the returns to scale of the firm's production function? A) Increasing returns to scale. B) Decreasing returns to scale. C) Constant returns to scale. D) Negative returns. E) None of the above.

Note: Enter your answer withtout the dollar sign ($) For the cost function TC= 520 + 10Q + 5Q2, determine the average fixed cost of producing 5 units of output.

Could you solve d,e,f ? Thank you

An economist estimated that the cost function of a single-product firm isC(Q) = 100 + 20Q + 15 Q^2 + 10 Q^3Based on this information, determine:b. The variable cost of producing 10 units of output.

A firm with some fixed costs and a constant marginal cost at all levels of production will have which of the following average cost relationships? As production increases, average total cost will:   A remain the same   B decrease   C increase   D decrease and then increase   E increase and then decrease

M1

1a) A firm’s estimated long-run total cost function is LRTC = 160Q - .6Q2 + .002Q3.  Suppose the firm is producing 100 units of output.  The cost elasticity is ____ You can use Excel spreadsheet or otherwise to answer this question. b) A research study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function in the Netherlands: Q = 5*Staff.34*Beds.64*Drugs.04*Specialists.02, where Q is a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff =20, Beds = 120, Drugs = 60, Specialists =10.  Use a spreadsheet to find the following or otherwise. If the hospital increases its specialists by one (1), that is, employs an 11th specialist, the increase in Q (marginal product) will be: c) A study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function: Q =…