Suppose a firm’s cost function is given by: C= 50 + 4q2 a) Find the equations for AFC, AVC and MC. b) If w=$4, what’s the short run production function for this firm?

Consider a company that has fixed costs of $6,700 and a marginal cost of $26 per item.   What is the company's average cost function?   How many items must the company produce to have an average cost of $36.31 per item?

Assume quantities need not be integers. Marginal cost is MC(q) = 6 + (9/10) * q. Total cost is TC = 456 at q=5.  What is the fixed cost of production?

The following equation represents the cost structure of a firm: C= 10 + 3q. The average cost of production is

1a) A firm’s estimated long-run total cost function is LRTC = 160Q - .6Q2 + .002Q3.  Suppose the firm is producing 100 units of output.  The cost elasticity is ____ You can use Excel spreadsheet or otherwise to answer this question. b) A research study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function in the Netherlands: Q = 5*Staff.34*Beds.64*Drugs.04*Specialists.02, where Q is a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff =20, Beds = 120, Drugs = 60, Specialists =10.  Use a spreadsheet to find the following or otherwise. If the hospital increases its specialists by one (1), that is, employs an 11th specialist, the increase in Q (marginal product) will be: c) A study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function: Q =…