EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Question
Chapter 8, Problem 8.1P
A
To determine
In order to attain profit maximization, find out the number of acres the individual should mow.
B
To determine
Find out the weekly profit maximization of the individual.
C
To determine
Put out these above derived results on a graph and label the supply curve of the individual.
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Students have asked these similar questions
The market for high-quality matsutake mushrooms is dependent on the weather. If the
weather is good, one kilogram matsutake mushroom can be sold for $30. In bad weather it sells for only $20 per kilogram. Matsutake mushrooms produced one week will not be kept until the next week, A small matsutake mushrooms producer has a cost function given by
C = 0.5q^2 + 5q + 100
where q is weekly matsutake mushrooms production.
Production decisions must be
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Farmers Al and Bob each operate a farm in the same Each farm uses water and fertilizer to produce both crops and polluted runoff (from nutrients in the fertilizer). Below are the marginal cost equations for abating (i.e., reducing) polluted runoff on each farm (you may find it helpful to think of these as marginal cost functions for “producing” abatement):
Al’s marginal cost of abating runoff ($/unit) = 3 × Units of runoff abated by Al Bob’s marginal cost of abating runoff ($/unit) = 5 × Units of runoff abated by Bob
Currently, Al and Bob each produce 20 units of polluted runoff (a total of 40 units) and neither abates any runoff. Suppose the local environmental protection agency wants to reduce the total amount of polluted runoff generated by Al and Bob to 20 units. In other words:
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11.2
The cost, in thousands of dollars, of airing x television commercials during a sports event is given by
C(x) = 20 + 3,000x + 0.01x2.
(a) Find the marginal cost function
C'(x).
HINT [See Example 1.]
C'(x)
=
Use it to estimate how fast the cost is increasing when
x = 4.
thousand dollars per television commercialCompare this with the exact cost of airing the fifth commercial.
The cost is going up at the rate of $ per television commercial. The exact cost of airing the fifth commercial is $ . Thus, there is a difference of $ .
(b) Find the average cost function
C,
and evaluate
C(4).
HINT [See Example 2.]
C(x)
=
C(4)
=
thousand dollars per television commercial
What does the answer tell you?
The average cost of airing the first four commercials is $ per commercial.
Chapter 8 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 8.3 - Prob. 1MQCh. 8.3 - Prob. 2MQCh. 8.3 - Prob. 1.1MQCh. 8.3 - Prob. 2.1MQCh. 8.4 - Prob. 1TTACh. 8.4 - Prob. 2TTACh. 8.4 - Prob. 1MQCh. 8.4 - Prob. 2MQCh. 8.5 - Prob. 1TTACh. 8.5 - Prob. 2TTA
Ch. 8.5 - Prob. 1.1TTACh. 8.5 - Prob. 2.1TTACh. 8.5 - Prob. 1MQCh. 8.5 - Prob. 2MQCh. 8 - Prob. 1RQCh. 8 - Prob. 2RQCh. 8 - Prob. 3RQCh. 8 - Prob. 4RQCh. 8 - Prob. 5RQCh. 8 - Prob. 6RQCh. 8 - Prob. 7RQCh. 8 - Prob. 8RQCh. 8 - Prob. 9RQCh. 8 - Prob. 10RQCh. 8 - Prob. 8.1PCh. 8 - Prob. 8.2PCh. 8 - Prob. 8.3PCh. 8 - Prob. 8.4PCh. 8 - Prob. 8.5PCh. 8 - Prob. 8.6PCh. 8 - Prob. 8.7PCh. 8 - Prob. 8.8PCh. 8 - Prob. 8.9PCh. 8 - Prob. 8.10P
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