A manufacturer of fine pens produces in two plants. The total cost of producing in the first plant is given by TC₁ = y² + 100. The total cost of producing in the second plant is given by TC₂=²+200. In these cost functions, y₁ corresponds to the number of pens produced in the first plant, and y2 corresponds to the number of pens produced in the second plant. Suppose the firm is producing 20 pens in the second plant. If the firm is minimizing costs, total costs for the firm must equal $ . (Give your answer to two decimals.)
A manufacturer of fine pens produces in two plants. The total cost of producing in the first plant is given by TC₁ = y² + 100. The total cost of producing in the second plant is given by TC₂=²+200. In these cost functions, y₁ corresponds to the number of pens produced in the first plant, and y2 corresponds to the number of pens produced in the second plant. Suppose the firm is producing 20 pens in the second plant. If the firm is minimizing costs, total costs for the firm must equal $ . (Give your answer to two decimals.)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section12.3: The Various Measures Of Cost
Problem 3QQ
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