Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

Thompson Industries estimated its short-run costs using a U-shaped average variable cost function of the form AVC = 43.40 - 2.80Q 0.20Q2 and the total

Thompson Industries estimated its short-run costs using a U-shaped average variable cost function of the form AVC = 43.40 - 2.80Q 0.20Q2 and the total fixed cost (TFC) at Thompson Industries is $1,000.

If Thompson Industries produces 20 units of output, what is estimated total cost (TC)?

If Thompson Industries produces 20 units of output, what is estimated short-run marginal cost (SMC)?

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

International Economics

Authors: Robert C. Feenstra, Alan M. Taylor

3rd edition

978-1429278515, 142927851X, 978-1319029517, 1319029515, 978-1429278447

More Books

Students also viewed these Economics questions

Question

★★★★★

The data in the next table resulted from an experiment that used a completely randomized design. a. Use statistical software (or the appropriate calculation formulas in Appendix C) to complete the...

Answered: 1 week ago

Question

★★★★★

Shown here are annual financial data at December 31, 2013, taken from two different companies. Required 1. Compute the cost of goods sold section of the income statement at December 31, 2013, for...

Answered: 1 week ago

Question

★★★★★

1. Whats your opinion, Joel? or Does anyone have another opinion?

Answered: 1 week ago

Question

★★★★★

A machine part consists of a thin 40.0-cm-Iong bar with small l.15-kg masses fastened by screws to its ends. The screws can support a maximum force of 75.0 N without pulling out. This bar rotates...

Answered: 1 week ago

Question

★★★★★

Congratulations! You have just won $20 million lottery. You will be paid $1 million a year for the next 20 years and you receive your first check today. Ignoring, for the moment, the taxes youll have...

Answered: 1 week ago

Question

★★★★★

Giuseppina's Glassworks makes glass flanges for scientific use. Materials cost $1 per flange, and the glass blowers are paid a wage rate of $24 per hour. A glass blower blows 10 flanges per hour....

Answered: 1 week ago

Question

★★★★★

How is the process of neurulation takes plain in mammals ? Elucidate with the help of suitable diagram.

Answered: 1 week ago

Question

★★★★★

What are the APPROACHES TO HRM?

Answered: 1 week ago

Question

★★★★★

Develop an Application on Hospital Staff by the help of java and Springboot and by the help webservices.

Answered: 1 week ago

Question

★★★★★

What do you mean by dual mode operation?

Answered: 1 week ago

Question

★★★★★

Explain the difference between `==` and `===` in JavaScript.

Answered: 1 week ago

Question

★★★★★

During the next production period, the labor - hours available are 4 5 0 in department A , 3 5 0 in department B , and 5 0 in department C . The profit contributions per unit are $ 2 5 for product 1...

Answered: 1 week ago

Question

★★★★★

5. Imagine a situation where you were really annoyed by someone elses behaviour. Try to find the positive intention behind the behaviour.

Answered: 1 week ago

Question

★★★★★

3. Imagine a communication situation at work or at home where you felt that you were locked (inflexible). Reflect on three alternative strategies that could have led to you becoming more flexible,...

Answered: 1 week ago

Question

★★★★★

4. In the next communication situation you are in, already think through three different communication strategies, which will make you achieve greater flexibility. Then practice on these as soon as...

Answered: 1 week ago

Previous Question Next Question