3. A firm's total cost is TC = Q³ - 60Q² +910Q + 150, and its marginal cost is 3Q² - 1200 + 910 a. Find the firm's fixed cost, variable cost, average total cost, and average variable cost. b. Find the output level at which the average variable cost is minimized.
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- 3. XYZ corporation produces widgets. Its short-run marginal cost curve is given by MC (q) = 10 – 5q + q² (this is a parabola whose minimum occurs at q = 2.5). XYZ's fixed costs are 10. In a two panel diagrams, graph the following cost curves: (a) total cost, (b) total variable cost, (c) total fixed cost, (d) marginal cost, (e) average variable cost, and (f) average total cost. Your diagrams do not need to be scale, but must be internally consistent (i.e. the relationships between different curves must be correct). You do not need to find mathematical expressions for the other cost curves – you only need to sketch lines that are consistent with the shape of the marginal cost curve.Suppose Nittany Bakery rents a building for $120 per day, and they can hire workers for $75 per day. The short run labor and output (quantity of scones) information is listed below. Fill in the columns for total cost and marginal cost. (Note: You may need to make columns for fixed cost (FC) and variable cost (VC) on a piece of scrap paper, which will make it easier to find total cost (TC).) Do not enter any dollar signs, and if necessary, round to two decimal places. Short Run Labor, Output, and Costs Labor (L) Output (Q) Total Cost (TC) Marginal Cost (MC) 00 -- 14 212 3 24 440 5 60 675 7 84A company produces very unusual CD's for which the variable cost is $ 11 per CD and the fixed costs are $ 30000. They will sell the CD's for $ 89 each. Let x be the number of CD's produced. a. Write the total cost C as a function of the number of CD's produced. C = $ b. Write the total revenue R as a function of the number of CD's produced. $ R = c. Write the total profit P as a function of the number of CD's produced. $ P = d. Find the number of CD's which must be produced to break even. The number of CD's which must be produced to break even is Round to the nearest number of CDs.
- A manufacturing firm has a total cost curve: TC = 0.2Q3 - 5Q2 + 50Q + 240, and a marginal cost curve of MC = 0.6Q2 - 10Q + 50. Calculate the minimum cost that the firm can possibly have. a.420 ≤ MC < 440 b.MC < 380 c.400 ≤ MC < 420 d.380 ≤ MC < 400 e.MC ≥ 440fixed cost is the same at each output level except when no output is produced. when a firm produces no output,there are no fix cost. true or false? explainA book publisher hires editors, designers, and production and marketing managers who help prepare books for publication. Because these employees work on several books simultaneously, the number of people the company hires will neither increase nor decrease with the quantity of books the company publishes during any particular year. The salaries and benefits of people in these job categories will be included in Select one: a. fixed cost and marginal cost but not variable cost. b. fixed cost but not variable cost and total cost. c. marginal cost and total cost but not fixed cost. d. fixed cost and total cost but not variable cost. e. Average variable cost
- Suppose that a firm has a fixed cost of $50. The firm's total cost when quantity is equal to 3 is $80. What is the firm's average variable cost when quantity is equal to 3?2. A company's total cost function as TC = 4,900 + 12Q+4Q Derive the following equations and compute their respective values when Q = 35 a. Average Total Cost (ATC): b. Average Variable Cost (AVC): C. Average Fixed Cost (AFC): d. Marginal Cost (MC):production function: ƒ (k, 1) = 9 function. k Derive the firm's cost
- How would I describe these?Which is the correct formula for the total cost of production?Note: TC is total Cost, AFC is average fixed cost, AVC is average variable cost, MC is marginal cost, TVC is total variable cost, TFC is total fixed cost, and Q is output. PLEASE EXPLAIN THE ANSWER A. TC = (AFC + AVC) (Q) B. TC = TVC + TFC C. TC = (MC)(Q) D. A and B are correct E. A, B and C are correctLet F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) 1 2 3 4 31 5 6 7 8 9 06 10 F $200 200 200 200 200 200 200 200 200 VC $48 84 108 120 144 344 380 228 428 288 488 60 560 с MC $248 $48 AFC AVC AC $200.00 $48.00 $248.00 284 36 100.00 42.00 142.00 308 24 66.67 36.00 12 50.00 30.00 80.00 24 40.00 68.80 36 33.33 30.00 63.33 28.57 32.57 61.14 36.00 61.00 40.00 62.22 44.40 360 444 72 84 22.22 20.00