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A study of costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: 16AVC = 1.24 + .0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2Where AVC = average variable costs of generation (i.e., working costs of generation), measured in pence per kilowatt-hour (kWh) (A pence was a British monetary unit equal, at that time, to 2 cents U.S.)Q = output, measured in millions of kWh per yearZ = plant size, measured in thousands of kilowattsa. Determine the long-run variable cost function for electricity generation.b. Determine the long-run marginal cost function for electricity generation.c. Holding plant size constant at 150,000, kilowatts, determine the short-run average variable cost and marginal cost functions for electricity generation.d. For a plant size equal to 150,000 kilowatts, determine the output level that minimizes short-run average variable costs.e. Determine the short-run average variable cost and marginal cost at the output level obtained in part (d).
Discuss the implication to Economic Efficiency of an economy operating at point and what would it take for the economy to operate at point Z?
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand?
You cat's summer kitty-cottage needs a new roof. You are considering the following two proposals and feel a 15-year analysis period is in line with your cat' remaining lives. (There is no salvage value for old roofs.)
A growing number of businesses-including videogame developers, cigarette companies, soft drink producers, liquor marketers, and fast food chains-are feeling the heat from government, the press, and society at large for encouraging harmful consumer..
Timmy told the director of Human Resources that $30,000 was not enough money to get him to settle and that he was going to file a lawsuit against University for age discrimination. University Tool and Dye had not yet received Timmy's signed settl..
Recently, there has been a lot of press about high lead content in toys made in China. This negative press can affect the foreign exchange rate in the United States dollar and Chinese yuan.
The school of economic thought which argues that through tax reductions, and deregulation, government creates the proper incentives for the private sector to increase aggregate supply is known as the.
Suppose the price of widgets rises from $5 to $7 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets.
The production possibilities frontier can be used to demonstrate which of the following?If Lindenderry is at point U, producing 1300 tons of corn and 34 million automobiles, what is the opportunity cost of an additional 11 million automobiles?
What monetary policies do you think caused the crisis and what were the effects of the policies implemented in reaction to the crisis
An energy management system that can save 7,500 per year for four years, expenses are 2,000 per year, installed at a cost of 20,000. At the end of 4 years it is expected to be sold for 1,250. using the end of year convention, the rate of retur..
Suppose the price of labor increases to $2 per unit. What effect will this have on output per unit of labor and is this plant subject to decreasing returns to scale? Why or why not?
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