(a) Find the average rate of change (in $ per unit) of C with respect to x when the production level is changed from x= 100 to the given value. (Round your answers to the nearest cent. (1) X = 105 $ (ii) X = 101 $ per unit per unit (b) Find the instantaneous rate of change (in $ per unit) of C with respect to x when x = 100. (This is called the marginal cost. Its significance will be explained in a future chapter.) per unit

All of these statements about the production function are true EXCEPT a) the curve features 3 distinct regions: increasing returns to scale, constant returns to scale, and diminishing returns to scale. b)the curve's shape matches and its description of the interaction between the graph's axes represents the law of diminishing returns c) it can be applied to many economic markets d) one variation is used to show the difference between firm and market specific risk

A firm uses 3 factors of production. Its production function is f(x, y, z) = min{x3/y, y2, (z4 − x4)/y2}. If the amount of each input is multiplied by 6, its output will be multiplied by   A.) 216   B.) 36   C.) 6   D.) 0.16   -the Answer is 36, Please explain in detail why this is

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For its current level of production, a firm is attempting to minimize its costs. The firm has determined that the marginal product of labor is 10, the marginal product of capital is 20 and the cost per unit of labor is $5, whereas the cost per unit of capital is $10. To minimize cost for the given output the firm should   Increase the amount of capital and decrease the amount of labor Leave the amount of capital and labor as they are Decrease the amount of capital and increase the amount of labor

Consider the following marginal cost function MC= 5 + 2qi. (a) Does the production process exhibits increasing returns? decreasing returns? constant returns? (b) If the price is $23. What’s the optimal production level? (c) If the price is $31. What’s the optimal production level?