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Suppose a firm has the following output and cost structure:
Output Total Cost Marginal Cost0 151 252 303 454 655 906 1207 1558 1959 24010 290
Fill in the marginal cost column.
1. What is the average fixed cost for the third unit of output? (Hint: What type of costs will be encountered at output 0?)
2. What is the average variable cost for the 5th unit of output?
3. What is the average total cost for the 10th unit of output?
4. Why does the marginal cost of producing the product fall and then rise? (What is the relationship between the cost curves and the production function?)
5. What is the relationship between the marginal cost and the average variable and average total costs?
a city has decided to build a softball complex and the city council has already voted to fund the project at the level of $800,000 (initial capital investment) the city engineer has collected the following financial information for the complex pro..
The benefit function is given by B(H) = 500H - 22.5H2 and the cost function is given by C(H) = 100 + 15H2. The corresponding marginal benefit and marginal cost functions are given by MB(H) =500 - 45H and MC(H) = 100 + 30H.
Suppose a monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. A) What is the monopolist's profit maximizing level of output
The Texas Family Assistance Program (a social welfare program) offers cash transfers to low-income families. Suppose that the maximum transfer is $20 for households without income; for each dollar earned, the transfer is reduced by $0.50.
The demand and supply for a particular commodity are given by the following two equations: Demand: P = 75 - 2Qd and Supply: P = -15 + 4Qs where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.
conduct an analysis of a recent article and provide their evaluation and outcome expectations in a written paper of 1500-2500 words that discusses: A minimum of three general economic principles related to the article
The daily demand for Invigorated PED shoes is estimated to be where Ax represents the amount of advertising spent on shoes (X), Px is the price of good X, Py is the price of good Y, and M is average income.
Consider the following sets of investment projects, each of which has a three-year investment life: Period Project Cash Flow n A B C D 0 -5,000 -2,000 4,500 -3,500 1 5,800 -4,400 -6,000 1,000 2 12,400 7,000 2,000 5,0003 8,200 3,000 4,000 6,000
Two people take turns removing stones from a pile of n stones. Each person may, on each of her turns, remove either one or two stones. The person who takes the last stone is the winner; she gets $1 from her opponent.
as the exclusive carrier on a local airline route, a regional airline must determine the number of flights it will provide and the fare it will charge. Taking into account operating and fuel costs, airport changes, and so on, the estimated cost pe..
You learn that the demand curve facing a monopolist can be written as P = 100 - 5Q, and the monopolist's marginal costs are constant at MC = 60. There are no fixed costs. Write down the equation of the marginal revenue curve for this monopolist.
1,000 of them have utility functions U(x, y) = x + y and 1,000 of them have utility functions U(x, y) = min{ 2x, y}. Everybody has an initial allocation of 1 unit of x and 1 unit of y. Find the competitive equilibrium prices and consumptions for e..
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