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 Chinese high technology manufacturing firm has a production function of 0.80 0.20 q=16L (based on Zhang, et al., 2012). It faces prices of w=$8 and r= $2. What are its short-run average variable and marginal cost curves? Let K be fixed in the short run. The firm's short-run average variable cost curve, AVC, as a function of K and q is AVC=$ (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcute. E.g., a superscript can be created with the character.)   Write AVC and MC functions

Month (m):           4                                              Day (d):  1 Use the two numbers above, m and d, to complete the cost function for a perfectly competitive firm: Cost (q) = m q2 + d =                                                                   (30) For a cost function like yours, Marginal Cost (MC) = 2 m q . Specifically, what are the following for the cost function you wrote out above? Fixed Cost = Average Total Cost = Cost (q)/q = Variable Cost = Average Fixed Cost = FC/q = Marginal Cost = 2 m q = Average Variable Cost = VC/q = (15) Fill in the table with your values from your cost function. q Total Cost AVC AFC ATC MC 0 0 0 -- -- -- 1           2           3           4           5           6

imagine your firm has total cost function C = 2q3 – q2 + 40q + 60. Suppose it operates with level of production q = 9. What is your firm’s total cost?