All three cost equations and functions

Assignment Help Business Economics
Reference no: EM131240508

Consider the following equations/functions:

TC = 20 + 4Q

TC = 20 + 2Q + 0.5Q2

TC = 20 + 4Q - 0.1Q2

Calculate the following for all three cost equations/functions:

Total cost

Total fixed cost

Total variable cost

Average total cost

Average fixed cost

Average variable cost

Marginal cost

Plot these curves on graphs.

Compare the shapes of these curves and discuss their characteristics. (Particularly interesting is the marginal cost function, which is also often found in engineering cost studies.)

Show all of your work (how you arrived at the answers).

Reference no: EM131240508

Questions Cloud

Price elasticity of demand is constant along entire length : The price elasticity of demand is constant along the entire length of a linear demand curve. The price elasticity of demand is the special name that economists give to the slope of a demand curve.
Health economics consultant for major political campaign : You are a health economics consultant for a major political campaign. Your client notes recent research that individuals in worse health tend to live further from health facilities. Therefore, building more health facilities in rural areas should imp..
What is the stores arc elasticity of demand for charcoal : The manager of the sell-rite drug store accidentally mismarked a shipment of 20 pound bags of charcoal at $5.38 instead of the regular price of $6.18. In a week, a total of 200 bags of charcoal was sold. The store normally sells an average of 160 bag..
Decreased income on the equilibrium price of rental homes : Use supply and demand analysis to show the effect of decreased income on the equilibrium price of rental homes that is find dp/dY.
All three cost equations and functions : Calculate the following for all three cost equations/functions: Compare the shapes of these curves and discuss their characteristics.
Market demand for good is described by the equation : Suppose the market demand for a good is described by the equation P = 60 - 0.5Q. If a change in market supply results in price decreasing from P0 = $40 to P1 = $30, then the resulting change in consumer surplus is:
If the federal reserve raises interest rates : If the Federal Reserve raises interest rates, demand for housing is likely to fall. The Federal Reserve should raise interest rates to keep inflation at an acceptably low level. A reduction in the capital gains tax (the tax on profits made in the sto..
Sufficiency of the writing : Newmark & Co. Real Estate, Inc., (the broker) contacted 2615 East 17 Street Realty, LLC, (the landlord) to lease certain real property on behalf of a client (the tenant). As is common in real estate transactions, the broker is paid a commission. What..
The history of international relations : According to the text, the history of international relations:

Reviews

Write a Review

Business Economics Questions & Answers

  Explain the concept of law of increasing opportunity cost

Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency. Draw a production possibilities model w..

  Difference in the value of money in the two economies

Consider two economies, A and B. Both economies have the same population, supply of fiat money, and endowments. In each economy, the number of young people born in each period is constant at N, and the supply of fiat money is constant at M. Will ther..

  Natural rate of unemployment

Use the AS/AD framework to depict an economy that a) is in equilibrium, and b) has an Unemployment Rate that is less than its Natural Rate of Unemployment. Suppose that Real GDP in the Rest-of-the-World (the ROW) begins to fall.

  Gdp is more volatile in the short-run than the long-run

The GDP deflator is a good cost of living index. GDP is more volatile in the short-run than the long-run. All government spending is in GDP. If GDP is adjusted for purchasing power, the US usually improves its relative position.

  Explain the math involved in finding the spne of stage game

Can you explain the math involved in finding the SPNE of the stage games in repeated games in game theory. I understand the concept; I just don't understand how to solve the math aspect of the questions. I do not have a solid background in math, and ..

  What is the unemployment rate among the surveyed people

What is the unemployment rate among the 500 surveyed people? Consider the following price information: Year 1 Year 2 Cup of coffee $ .50 $1.00 Glass of milk $1.00 $2.00

  Explain why are trade negotiations usually mercantilist

Why are trade negotiations usually mercantilist, ie, why does country A agree to reduce its trade barriers in exchange for country B also agreeing to lower trade barriers, when economic theory says that both A and B benefit

  Equation of exchange set forth by quantity theory of money

Given the equation of exchange set forth by the quantity theory of money (M x V = P x Q), where M is the supply of money, V is the velocity of money, P is the price level, and Q is real output, which of the following best defines M?

  What level of output will maximize peters profits

Peter Morgan sells pigeon pies from a pushcart in Central Park. Morgan is the only supplier of this delicacy in Central Park. His costs are zero due to the abundant supplies of raw materials available in the park. What level of output will maximize P..

  Illustrate what will level of consumption and trade balance

If country desires to smooth consumption, explain how much it should borrow in period 0. Illustrate what will level of consumption and trade balance is from then on.

  Week 10 profit please respond to the following determine

week 10 profit please respond to the following determine two to three 2-3 reasons why vectorcal may not always receive

  Old economy traders

Old Economy Traders opened an account to short sell 1,300 shares of Internet Dreams at $46 per share

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd