= Firm A has cost function c(q, r, w). At output q = 4 total cost is c(4, r, q) = 60, and at output q = 5 total cost is c(5, r, q) = 75. If Firm A has constant marginal cost, and input prices double to 2r and 2w, how much will it cost to produce q = 6 units of output (what is c(6, 2r, 2w))? (HINT: First calculate the marginal cost for c(q, r, w), then calculate c(6, r, w), and then calculate c(6, 2r, 2w)) O c(6, 2r, 2w) = 75 c(6, 2r, 2w) = = 90 O c(6, 2r, 2w) = 150 O c(6, 2r, 2w) = 160 O c(6, 2r, 2w) = 180

Consider a firm with the following cost function:   C (q) = 4q^2 + 100   Find the long-run supply and the short-run supply of the firm, under the assumptions that the total cost function is the same in the long and in the short run, but the xed cost is sunk in the short run.

Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could eam is $300. Calculate your economic profit. (Do not include a $ sign in your answer.) Answer: Suppose the total cost function for a firm is given by: TC= 100 + 2q +0.5q2. Find the marginal cost function and then use that to determine the marginal cost of the 10th unit. (Do not include a $ sign in your response.) # Answer:

The cost function of a firm is c(y) = 3y^2 + 6y + 5.1. Find the Average variable and Marginal Cost curves of the firm.2. What is the quantity level where the average variable cost is minimized?