ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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suppose the cost function is given as C = 135 + 75Q – 15Q2 + Q3. Prepare a cost schedule (table) showing the TFC, TVC, TC, AFC,
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- Find the cost function for the marginal cost function. C'(x) = 0 06 e 0.01x 7 fixed cost is S7 C(x) =Darrow_forwardAfter running a successful pineapple business, Diddy looks for a new business venture. Now he wants to run gold mining business named "Diddy Bling Bling" which produces/sells raw gold. For simplicity, two types of inputs are required to produce raw gold (workers and gold mine). In short- run production, the size of gold mine is fixed while the number or workers can vary. After consulting his business consultant, Diddy computes the following cost table. The quantity of raw gold (kilograms) Averaged Total Cost (gold mine size=small) Averaged Total Cost (gold mine size-medium) Averaged Total Cost (gold mine size-Large) 1 700 1400 1800 2 600 1300 1700 3 500 1200 1600 4 400 1100 1500 5 300 1000 1400 6 400 900 1300 7 500 800 1200 8 610 600 1100 9 700 500 1000 10 800 400 900 11 900 375 800 12 1100 250 700 13 1200 400 600 14 1300 490 500 15 1400 600 400 16 1500 700 350 17 1600 800 300 18 1700 900 350 19 1800 1000 400 20 1900 1100 500 21 2000 1200 600 22 2100 1300 700 Draw Diddy Bling Bling's…arrow_forwardIf C = 0.0001Q2 + 3Q + 6000 is a total-cost function, find the marginal cost when Q = 100.arrow_forward
- Consider the following cost function (C): C= 0.25q3 - 4q? + 75q + F. The equation for average cost (AC) is: AC = |. (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.) The equation for variable cost (VC) is: Vc=. (Properly format your expression using the tools in the palette.) The equation for marginal cost (MC) is: MC =. (Properly format your expression using the tools in the palette.)arrow_forwardThere are four hospitals (consumers in this example) willing to pay the following amounts for a ventilator: Hospital W Hospital X Hospital Y Hospital Z $110,000 $50,000 $15,000 $60,000 There are producers that can produce at most one ventilator each and at the following costs: Producer A Producer B Producer C Producer D $15,000 $30,000 $55,000 $10,000 What is the most surplus that can be realized if only one ventilator can be produced? Which firm should produce it, and which hospital should consume it? If only one ventilator can be produced, it should be made by Producer and consumed by Hospital resulting in a maximum surplus of $ (Enter your answer as a whole number.)arrow_forwardGiven Cost and Revenue functions C(q)=q3−10q2+52q+5000 and R(q)=−3q2+2400q, what cost is incurred when marginal profit is $0?arrow_forward
- Consider the following cost function: 3 C=0.2q³-6q² + 80q + 150. (Enter a numeric response using a real number rounded to two decimal places.) When output is 19 units, average cost is $ When output is 19 units, marginal cost is $ The output level where average variable cost equals marginal cost is units.arrow_forwardIf average variable cost is $20 and total fixed cost is $500 at 10 units of output, then average total cost at this output level is:arrow_forwardFind the average cost function if cost and revenue are given by C(x) = 170 + 3.6x and R(x) = 5x - 0.01x. The average cost function is C(x) =.arrow_forward
- Total Cost = C(x) = 0,005x^3 - 0,49x Lnx +5x Find : a. Average Cost Function b. Average Cost Minimumarrow_forwardA firm has two plants that produce identical output. The cost functions are C1=346q−8q2+0.5q3 and C2=346q−10q2+1.0q3. Part 2 First, note that if AC1=346−8q+0.5q2, then dAC1dq=−8+2(0.5)q. Similarly, if AC2=346−10q+1.0q2, then dAC2dq=−10+2(1.0)q. If the firm wants to produce units of output, how much should it produce in each plant? The firm should produce _ units at the first plant and _ units at the second plant. (Enter a numeric response using an integer.) Please do fast ASAP fastarrow_forwardThe long-run cost function for a firm in the personal computer business is: C(q) = 8q² + 7200, for q> 0. What is the average cost function AC (g)? AC (q) = 16q AC (q) = 8q+ 7200 9 AC (q) = 16q+ AC (g) 16q+7200 AC(q) = 8q+7200 = 7200 9 The long-run cost function for a firm in the personal computer business is: C(q) = 8q² + 7200. for q> 0. What is the marginal cost function MC (q)? MC(q) = 8q+7200 MC(q) = 8q MC (g) MC (q) = 16q MC (q) = 16q+ 16q+72000 7200 The long-run cost function for a firm in the personal computer business is: C(q) = 8q²+7200, for q> 0. At what level of output does average cost equal marginal cost? The level of output at which average cost and marginal cost are equal is type your answer... -01arrow_forward
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