The cost function of single-product firm

Assignment Help Business Economics
Reference no: EM131095927

An economist estimated that the cost function of a single-product firm is: C(Q) = 100 + 20Q + 15Q2 + 10Q3. Based on this information, determine the following: g. The marginal cost when Q = 10. When I looked this up on Chegg, it said that the answer is found in 2 steps. In step 1 a derivative is found. This is what I don't understand. The answer said that: MC (Q)=d C(Q)/dQ then it said: d(100+20Q+15Q2 + 10Q3)/dQ Then this was given: 20+30Q+30Q2 My question is.... how did they get "20+30Q+30Q2 ? Would you explain how this derivative was found in layman's terms in the most simple, step by step way possible?

Reference no: EM131095927

Questions Cloud

War of every man against every other man : Kant asserts that human life is best understood as a "war of every man against every other man." This means all people want to have whatever they deem appropriate to a comfortable life for themselves.
Counteracting fiscal or monetary policy : Explain and show graphically using AD-AS diagrams how each of the following would (separately) affect the economy first in the short run and then in the long run. Assume that Canada is initially operating at its full-employment level of output, that ..
The economy is operating at full employment : Zoltan Novak, and Paul smith both residents of the country of EAST Paragon are discussing whether the economy is operating at full employment. Zoltan, a market analyst argues that with unemployment at 5.3%, the economy cannot possibly be fully utiliz..
The firm short run production function : Suppose a competitive firm can sell its output for $7 per unit. The following table gives the firm's short run production function. Labor Output 0 0 1 15 2 40 3 70 4 86 5 94 6 98 In the table below, you will determine several points on the firm's dem..
The cost function of single-product firm : An economist estimated that the cost function of a single-product firm is: C(Q) = 100 + 20Q + 15Q2 + 10Q3. Based on this information, determine the following: g. The marginal cost when Q = 10. When I looked this up on Chegg, it said that the answer i..
Comment basically said that the global economy was weak : Recently the stock market reacted positively to Janet Yellen’s comment. She had stated that due to the underlying economic weakness abroad and susceptibility of the US economy to such weakness the fed was not going to increase the interest rate as ra..
Will weaken the case for a price increase : Neutron Inc, is one of the leading electric car manufacturers in Northbay, a developing economy. Neutron's sales increased by more than 20% this year compared to the previous year, which started a debate within the company about whether the firm shou..
Value of the deadweight loss created by the monopolist : Consider a profit-maximizing monopoly pricing under the following conditions. The profit-maximizing quantity is 40 units, the profit-maximizing price is $160, and the marginal cost of the 40th unit is $120. The demand curve and marginal cost curves a..
Experiencing low growth in output with high rate : Hemesia, a developed economy, has been experiencing low growth in output with a high rate of unemployment for more than a year. Geoffrey Miller and Arthur Davis, are discussing the relevant expansionary policies that can be taken by the central bank ..

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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