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For the following cost function TC = a + bQ – cQ2 + dQ3, determine the equations for TFC, TVC, AFC,
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- Assume that it costs a company approximately C(x) = 400,000 + 140x + 0.003x? dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. 400,000 – 0.000009 Use it to estimate how fast the cost is increasing when x = 10,000. 2$ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) = C(10,000) = $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. -Select--- at a production level of 10,000 smartphones. The marginal cost from (a) is --Select--- than the average cost from (b). This means that the average cost isATC, AAC, AVC, MC (/uni 270.00 24000 21000 180.00 150.00 120.00 10:00 60.00 30.00 0:00 02 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Units of Output (0) Unit Cost Curves Refer to the graph above. The curves are not labeled. To help get this question right, you must first label the curves. An output level of 18 is identified with the dark vertical line. The shaded rectangular area (height times width) is the O average sunk cost. O total sunk cost O total avoidable fed cost. O total avoidable cost. O None of the aboveConsider a power system with three generators. Each generator has a piecewise linear cost function defined by the following points. Generator 1 Generator 2 Generator 3 Production (MWh) 100 200 300 400 200 400 600 800 100 400 700 1000 Cost ($) 915 1760 2635 3540 1870 3530 5230 6970 1060 3460 6040 8800 The min/max production of each generator corresponds to the min/max production values in the table (i.e., Generator 1 produces at least 100 MWh and no more than 400 MWh). (a) Plot the inverse supply function for this system. (b) If the demand is completely inelastic and equal to 1600 MWh į. compute the electricity price. ii. calculate the gross consumer surplus, consumer surplus, the producers revenue, the producers profit, and the global welfare. iii. determine the production level, cost, revenue, and profit for each generator.
- 1. For each of the cost functions given below, do the following things: C(T) = = 10 + 2T. C(T) = T0.8 (a) Draw the graph for C(T), with T on the horizontal axis. Explicitly the values for the intercepts. (b) Derive AC and MC respectively, and draw their curves. (c) Determine whether the cost function exhibits IRTS or DRTS or CRTS.Carlota Music Company estimates that the marginal cost of manufacturing its Professional Series guitars is C ′ (x) = 0.02x + 100 dollars/month when the level of production is x guitars/month. The fixed costs incurred by Carlota are $4000/month. Find the total monthly cost incurred by Carlota in manufacturing x guitars/month.Assume that it costs a company approximately C(x) = 400,000 + 160x + 0.002x2 dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) = C(10,000) = $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is --Select--- v than the average cost from (b). This means that the average cost is ---Select--- v at a production level of 10,000 smartphones. Need Help? Watch It
- 1. Exercise 9.1 A study of 86 savings and loan associations in six northwestern states yielded the following cost function. 2.38 0.006153Q 0.000005359Q² 19.2X1 C + + (2.62) (2.84) (3.16) (3.50) where C = average operating expense ratio, expressed as a percentage and defined as total operating expense ($ million) divided by total assets ($ million) times 100 percent. Q = output; measured by total assets ($ million) X1 = ratio of the number of branches to total assets ($ million) Note: The number in parentheses below each coefficient is its respective t-statistic. Which of the variable(s) is (are) statistically significant in explaining variations in the average operating expense ratio? (Hint: t0.025,7€ 1.99 .) Check all that apply. X1 Q2 What type of average cost-output relationship is suggested by these statistical results? Quadratic Linear Cubic Based on these results, what can we conclude about the existence of economies or diseconomies of scale in savings and loan associations in…(b) A firm has an average cost function Acg) = + 125 q2 4. 16 A(q) %3D where q is the firm's output. (iv) Write an equation for the total cost function. (v) Hence calculate the level of output for which total costs are minimum.