Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 04, 2024

Suppose there are 3 cost functions are given TC 1 = 50 + 30Q - 1.5Q 2 + 0.05Q 3 TC 2 = 16 +

Suppose there are 3 cost functions are given

TC₁ = 50 + 30Q - 1.5Q²+ 0.05Q³

TC₂ = 16 + 30Q + 1.5Q²

TC₃ = 20 + 3Q

Answer the following questions

a) calculate fixed cost, marginal cost, average variable cost, average cost, marginal product

b) calculate the point where diminishing returns occur

c) calculate the point of maximum cost efficiency

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Energy, Trade And Finance In Asia A Political And Economic Analysis

Authors: Justin Dargin, Tai Wei Lim

1st Edition

1317322711, 9781317322719

More Books

Students also viewed these Economics questions

Question

★★★★★

Thirteen students entered the business program at Sante Fe College 2 years ago. The following table indicates what each student scored on the high school SAT math exam and their grade- point averages...

Answered: 1 week ago

Question

★★★★★

2. Is a Contributed Capital from General Fund amount displayed in the statement of net assets of a governmental entitys: Enterprise Fund? Internal Service Fund? a. Yes No b. No Yes c. No No d. Yes Yes

Answered: 1 week ago

Question

★★★★★

c. What type of degree does it offer?

Answered: 1 week ago

Question

★★★★★

An electronic device dissipating 30 W has a mass of 20 g and a specific heat of 850 J/kg C. The device is lightly used, and it is on for 5 min and then off for several hours, during which it cools...

Answered: 1 week ago

Question

★★★★★

Selected T-accounts for Jade Mineral Corporation at December 31, 2020, are duplicated below. Preferred Shares, $6 cumulative 10,000 shares authorized 7,500 shares issued 176,250 Dec. 31/19 Bal....

Answered: 1 week ago

Question

★★★★★

Question 2 Not yet answered Marked out of 1 . 0 0 Which of the following is not a valid variable name? a . return b . mylnt c . myInteger d . total 3

Answered: 1 week ago

Question

★★★★★

a sin(2x) x Let f(x)=2x+1 In(be)

Answered: 1 week ago

Question

★★★★★

Jerry Cameron, the rooms division manager for the Foxfire Hotel, believes he has pinpointed one of the main causes for the hotel's declining revenues: the reservations department's failure to...

Answered: 1 week ago

Question

★★★★★

4.21. (A Simple bandit model) Suppose there are two projects available for selection in each of three periods. Project one yields a reward of 1 unit and always occupies state s and the other, project...

Answered: 1 week ago

Question

★★★★★

negotiating racial inequality What are some takeaways from your perspectives and the perspectives of others? If you are comfortable sharing, what are your personal positions on these matters....

Answered: 1 week ago

Question

★★★★★

The COVID-19 pandemic demonstrated how effectively integrating collaboration and teaming technologies can affect an organization's effectiveness. a) Discuss any three technological developments that...

Answered: 1 week ago

Question

★★★★★

The visual rule: If we observe an event with our own eyes, we will attach more weight to it than if someone else had described it to us.

Answered: 1 week ago

Question

★★★★★

10. What is meant by the fact that we are socialized into using linear causal thought patterns? Find two examples of this from your everyday life.

Answered: 1 week ago

Question

★★★★★

The senders expertise; certification, i.e. the senders educational background

Answered: 1 week ago

Previous Question Next Question