What is the firm''s average cost of producing 500 units

Assignment Help Microeconomics
Reference no: EM13877368

Consider a firm with the total cost function TC = 0.00025Q3- 0.10Q2+ 20Q + 4000

(a) What is the firm's average cost of producing 500 units?

(b) What is the firm's marginal cost of producing 500th unit?

Reference no: EM13877368

Questions Cloud

Find the volume of a solid : Find the volume of a solid under the graph of Z=3x2+3xy over the  rectangle R={x,y)/0≤x≤1,1≤y≤1}
Write average and marginal functions of the maintenance cost : The maintenance cost of capital equipment-machineries, tools, and buildings- increases as they get older. Assume the maintenance cost of capital equipment, M(t), for a manufacturer is given by M(t) = 30 t3 + 5000 t + 400 where t is years of equipm..
What is a post closing trial balance : What is a post-closing trial balance? Is it a useful part of the accounting cycle? Explain.
How would you convince her for the importance of process : The owner of a local business complains that the adjustments process consumes a lot of time and delays reporting month-end financial results. How would you convince her of the importance of this process?
What is the firm''s average cost of producing 500 units : Consider a firm with the total cost function TC = 0.00025Q3- 0.10Q2+ 20Q + 4000 - What is the firm's average cost of producing 500 units?
Relationship between language and thinking : The Relationship between Language and Thinking" Please respond to the following: Describe a conversation when a disparity between form and intent occurred as a result of one of the problems of language explained in the Web text
What is the long-run price established in the market : Assume all firms operating in a competitive market have the following total cost function: TC = 2Q2- 8Q + 60  -What is the long-run price established in the market?
Discuss the key differences between revising and editing : Discuss the key differences between revising and editing.Provide an example of what a writer does when revising, and what a writer does when editing. Explain how much time you believe a writer should spend on each task and why.  Sources APA
Relationships between adjustments and the time period : Explain the relationships between adjustments and the following Chapter 3 concepts: (a) The time period assumption, (b) The revenue recognition principle, and (c) The expense recognition principle.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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