ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
The total cost function of a firm is:-
23Q² - 13Q + 40
Find the average cost function
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- The cost function of a firm is given as C1 = 400 + 20Q + 4Q using this cost function what is the efficient scale of the firm?.arrow_forwardFor the given cost function C'(x) = 78400 + 200x + x², First, find the average cost function. Use it to find: a) The production level that will minimize the average cost X = b) The minimal average cost $arrow_forwardNonearrow_forward
- For the given cost function C(x) = 40000 + 700x + x² find: a) The cost at the production level 1700 b) The average cost at the production level 1700 c) The marginal cost at the production level 1700 d) The production level that will minimize the average cost e) The minimal average costarrow_forwardWhat will be the value of average fixed cost if total fixed cost is $350 and the output is 50arrow_forwarda) Calculate the marginal product (MP1) for the mixers. Does the production function have increasing, decreasing, constant marginal product for the mixers? b) Suppose in the short run the amount of machines she has is fixed at 27. How many mixers should she use? How many baklavas will she produce? How much profit will she make? c)Usinag an isoprofit, as well as the production function, draw a diagram of your soltuion from part (b). carefully label all the slopes and intercepts. d) In the long run, how many mixers should she use? How many machines? How many baklavas will she make? e) Suppose that the government decides to provide a $1 subsidy per mixer. What is the profit-maximizing amount of input to use now?arrow_forward
- Referring to the cost table above, what is the Marginal Cost of increasing quantity produced from 400 to 500 units?arrow_forwardFind the cost function for the marginal cost function. F'(x) = - 30 e0.05x +800; 4 units cost $1900. F(x)= (Simplify your answer. Use integers or decimals for any numbers in the expression rounded to the nearest hundredth as needed.) kample Get more help. Clearrow_forward
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