Suppose a firm’s short-run cost curves were found to be: Total Cost = SRTC = 1 + 2Q + Q2 Marginal Cost = SRMC = 2 + 2Q, Where Q is output. Assume the firm behaves as a price taker and sells its output at P = K8 per unit. (a) If the firm maximizes profits, how much will it produce? (b) What are the marginal, average and total cost at that point? (c) What is the firms’ profit?

Q: e) The short-run cost function of a company is given by the equation TC = 200 + 55q, where TC is the…

A: The short-run cost function of a company is given as: Total Cost: TC = 200 + 55q where; TC = total…

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A: Since you have posted a question with multiple sub-parts, we will solve the subparts asked by you.…

Q: n firm has total cost of TC(y)=y² +1 and marginal cost of MC(y)=2y. At what level of output does the…

A: total cost (TC) is the minimum dollar cost of producing some quantity of output. This is the total…

Q: If a firm's average total cost remains constant as output grows, the firm has constant returns to…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: b Now suppose Q = 2L +3K. Let the market price of L be w = 5 and the price of K be r = 4. Let both L…

A: b) Suppose the production function is Q = 2L + 3K, where Q represents the output quantity, L is the…

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Q: d. For this part, suppose that Ouroboros has two corporate customers. The first corporations' demand…

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Q: Consider a single-product firm and its total cost function: TC (Q)=60Q-20Q2+Q3. For what level of…

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Q: 3- Given the total-cost function C(Q) = Q³ – 5Q² + 12Q + 75, Write out the marginal cost function.…

A: Marginal cost indicates the extra cost of producing one additional unit of output. The function for…

Q: 1. If the cost function of producing a commodity is: 40 + 50x + Vx2 +110 C (x) == where x represents…

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Q: A firm’s total revenue and total cost functions are TR = 52q − q2 TC = q3/3 − 2.5q2 + 34q + 4 At…

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Q: The long-rung production function of a competitive firm is f(L,K)= L¹/³K¹/2, where L is the amount…

A:

Q: Firm B's production function is F(K, L) = 10K + 12L. Input prices are r = 60 and w = 40. What is B's…

A: The production function represents the relationship between output and input.

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Q: Suppose a firm's total cost and marginal cost are given by TC = 192 + 10Q + 3Q² and MC = 10 + 6Q.…

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Q: A firm's short-run cost function is given by: C(q) = 50+10q-6q2+q3

A: Answer:   Given that:   A firm's short-run cost function is given by: C(q) = 50+10q-6q2+q3…

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A: Two goods are complements when they are consumed together in fixed proportion.

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A: Marginal cost of Q is equals to TC (Q) - TC(Q-1) So, MC(Q=2) = TC(Q=2) - TC(Q=1)

Q: D) Quadratic Functions and Economics 1) The cost function of a firm is shown as TC=2q-44 q+1100.…

A: Given:  TC=2q2-44q+1100

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Q: (a)  Find the short-run cost function, SRTC(q) and marginal cost function, MC(q), assuming that k =…

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.