Cost items for producing 20 units of product

Assignment Help Business Economics
Reference no: EM132337197

Cost function for a hypothetical firm is TC ($) = 250 + 5Q + 0.5Q2 Please calculate the following cost items for producing 20 units of product:

1) Fixed Costs

2) Variable Costs

3) Total Costs

4) Average Total Cost

5) Marginal Cost (assuming that the firm is already producing 20 units, what is cost of producing one more unit)

Reference no: EM132337197

Questions Cloud

Employees wages above reservation wage : Explain why incomplete contracts regarding effort may lead to profit-maximising firms offering employees wages above their reservation wage.
Explain briefly shorthand consonants and vowels : HND Office Technology and Management- Shorthand IV-OTM 321-Distinguish by writing normal, half length and double-length strokes.
Money market and certificates of deposits : What are some ways in which you can find the 'best' Checking, Savings, Money Market and Certificates of Deposits? What is your opinion of Credit Unions?
What is the equilibrium price and quantity : The demand for a good is P= 80 - 3Q. The supply is P= 40 + 5Q. Assuming a perfectly competitive market:
Cost items for producing 20 units of product : Cost function for a hypothetical firm is TC ($) = 250 + 5Q + 0.5Q2 Please calculate the following cost items for producing 20 units of product:
What is the social loss due to monopoly : Compare the competitive equilibrium to the monopoly equilibrium in terms of price quantity and welfare. What is the social loss due to monopoly?
Analysis and how demand and supply will work : What happens if here is a change in the market, will demand change (i.e., demand curve?), or supply? Why?
Better for a market to be served by one firm : From society's perspective, is it better for a market to be served by one firm - a price-setting monopoly, or by many small price-taking firms?
Opening a computer-services business in basement : a. You need to decide whether to buy a used or a new car. b. You are thinking about opening a computer-services business in your basement.

Reviews

Write a Review

Business Economics Questions & Answers

  How does fractional-reserve banking work

How is money created? How does fractional-reserve banking work? What is the monetary base? What is the currency ratio. Understand Friedman’s equation for explaining changes in the money supply. What is the currency ratio and how does it effect the mo..

  What price should you be charging

What price should you be charging? (round to the nearest penny)

  Market rate of substitution

What is the market rate of substitution between food and "all other goods"? On the same graph, show how the Food Stamp program alters the average consumer's budget line. Would this consumer benefit from illegally exchanging food stamps for cash? E..

  Which of the projects if any should be selected

Their costs and benefits are presented in the table below. Each project has a useful life of 50 years and the MARR is 12% per year. Which of the projects, if any, should be selected?

  Using equations involving marginal revenue and marginal cost

Use the total cost (TC) schedule that is presented in the table below to determine the optimal rate of production when the firm can sell all of the output it produces at a price of $6.50 per unit. Also determine the level of profit (or loss) that the..

  Metals and thermoplastics used for weather stripping-seals

Pantheleon Ad produces a hot melt adhesive that provides a strong bond between metals and thermoplastics used for weather stripping, seals, gaskets, hand grips for tools, appliances, etc. ACA claims that by eliminating a primer coat, manufacturers ca..

  How the us long term interest rates

Could you help me to explain how the US long term interest rates and international capital mobility affect Australia long term interest rates?

  The shape of the long-run supply curve

If input prices had increased as firms entered the lithium industry in response to rising demand, what would have been the shape of the long-run supply curve? If the market demand for lithium were to decrease during the 2020s, what would happen to th..

  Describe the qualifications to receive medicare

Describe the qualifications to receive Medicare and/or Medicaid. How can this be modified to serve more people who are considered a vulnerable population?

  Determine an amount equivalent

If the bank pays 5% compounded annually, what lump sum should he deposit on the child's 4th birthday?

  What do you think of past international strategy

What do you think of Zara’s past international strategy? Evaluate, in particular, its past strategy for (product) market selection, its mode of entry, and its standardization of its marketing approach.

  Explain three types of economic growth

Explain 3 types of economic growth. Provide examples. Why technological changes becomes more important for economic growth. Compare the cost of Multinational corporations operating in a foreign country with the cost of domestic firms. Explain. How ca..

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