[Appendix material: calculus required] Suppose total benefits and total costs are given by B(Y) = 150Y-10Y² and C(Y) = 5Y 2. Then marginal costs are: a. 5Y. b. 10Y. c. 2.5Y. d. 25Y.
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![[Appendix material: calculus required] Suppose total benefits and total costs are given by B(Y) = 150Y-10Y ² and C(Y) =
5Y 2. Then marginal costs are:
a. 5Y.
b. 10Y.
c. 2.5Y.
d. 25Y.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1a6a995-c8d0-4d4f-9e6b-a9cb754faf07%2F231593bd-8b72-44dd-aab9-09cba64258df%2F78v8kb_processed.jpeg&w=3840&q=75)
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- 2. What is the relationship between the total cost curve, and the average cost per unit? Explain their relationship, and draw a diagram showing how the two are related. The total cost of production, in thousands of dollars, is C(q) = q³ 12q² + 60q, where q is in thousands and 0 ≤ q ≤ 8. (a) Graph C(q). Estimate visually the quantity at which average cost is minimized. (b) Determine analytically the exact value of q at which average cost is minimized.Saved Suppose a firm has only three possible plant-size options, represented by the ATC curves shown in the figure. What plant size will the firm choose in producing (a) 50, (b) 130, (c) 160, and (d) 250 units of output? Average Costs 50 40 30 ATC ATC ATC, 20 10 130 160 250 50 30 60 90 120 150 180 210 240 270 300 Output a. 50 units of output: (Click to select) b. 130 units of output: (Click to select) c. 160 units of output: (Click to select) d. 250 units of output: (Click to select) ATCCalculate the following variables for the Scenario A given below: • Explicit (Accounting) Cost, • Implicit Cost • Economic Cost • Accounting Profit • Economic Profit Scenario A An engineer decides to give up her job and start her own business. Before she quit, she had been earning a salary of $40,000 per year. She withdraws her savings of $20,000 from her bank account where it had been earning an interest of $1,000 a year. She also uses her garage which she had been renting to her neighbor for $100 a month. The numbers are as follows: Company's revenue: $95,000 Assistant's salary: $21,000 Material and Equipment: $20,000
- Steve owns a bike store. His total costs are $1.2 million per year, his variable costs are $750,000, and his fixed costs are $450,000 per year. Last year, Steve sold 1,200 bikes.Steve’s average total cost was __________ per bike. Question 8 options: A) $1,000 B) $625 C) $1,200 D) $375QUESTION 1: Calculate a plant's total cost for every day in the data, in dollars. Total cost is defined as: total_cost = total_raw_materials_cost + total_operating_cost + total_labor_cost. Which plant is the most expensive to operate, and what is the cost to operate the plant? QUESTION 2: Which cost source (or combination of sources) makes up the majority of a plants total expenditures? raw material, labor, operating, or no cost is consistently the majority of total cost across plants QUESTION 3: Calculate cost efficiency, defined as how much money is spent to produce 1 pound of release ease (i.e. total production/cost). Which plant is the least cost efficient, in lbs of release ease produced per dollar spent? What is the daily average efficiency for the plant that is most efficient? link to excel data:https://docs.google.com/spreadsheets/d/1PM9rh2DnEdKQqCjJM1cmVjcP7_YSdA0y/edit?usp=sharing&ouid=109691244462343090665&rtpof=true&sd=true1.Joe quits his computer programming job, where he was earning a salary of $50,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $24,000 per year. In his first year of business he has the following expenses: salary paid to himself, $40,000; rent, $0; other expenses, $25,000. Find the accounting cost and the economic cost associated with Joe’s computer software business.
- Assignments: 2022-SU-ECC2023 x C Chapter 8 Problems 1 eBook https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F Output 1 2 3 4 Use the table and graph below to answer the following question: identify the ATC, AVC, and MC curves. Instructions: Using the graphing tool dropdown menu, label the ATC, AVC and MC curves. 1,000 Price ($) 900 800 700 600 500 400 300 Question 1- Chapter 8 Problems X 200 100 0 Mc Graw Hill Type here to search Variable Cost $400 700 900 1,350 2,000 3,000 Total Cost 900 1200 1.400 1.850 2,500 3,500 4 Output 5 AVC 400 350 300 337.50 400 500 6 Select 1 FOE Select Select INT Select The minimum value for AVC in dollars and cents is $ (98) Minecraft Xbox - RE-Solitud X + AVC ATC ATC 900 600 466.67 462.50 500 583.33 2/ a Marginal Cost 400 300 200 450 650 1,000 8 0 Prev 11. For each of the cost functions given below, do the following things: C(T) = = 10 + 2T. C(T) = T0.8 (a) Draw the graph for C(T), with T on the horizontal axis. Explicitly the values for the intercepts. (b) Derive AC and MC respectively, and draw their curves. (c) Determine whether the cost function exhibits IRTS or DRTS or CRTS.Steve owns a bike store. His total costs are $1.2 million per year, his variable costs are $750,000, and his fixed costs are $450,000 per year. Last year, Steve sold 1,200 bikes.Steve’s average variable cost was __________ per bike. Question 7 options: A) $1,000 B) $1,200 C) $375 D) $625
- (a) Explain intuitively why a firm's average cost curves are U-shaped and why does its average variable cost curve achieve its minimum at a lower level of output than the average total cost curve? (b) You are given the following data on output and inputs for 10 production periods: TIME OUTPUT CAPITAL (K) LABOR (L) 1 225 12 20 240 14 22 3 278 10 24 4 212 14 18 5 205 12 20 6 297 16 24 7 242 16 20 8 155 10 14 212 8 20 10 180 8 14 Estimate the parameters (A, a, ß ) of Cobb-Douglas production function using the Least-squares (OLS) regression method. [ Assume Q = AK“ L® ]. Use the estimated parameters to determine: Returns to Scale, Equations for the marginal product of labor and Capital. Calculate the marginal products of capital and labor for the input combinations: K = 10, L = 25. Make a comment based on your findings.a.i. Write an equation to represent the total costs for each location. ii. Draw the total costs lines for each location on the same axes. (Use output ranges of 2000, 4000, 6000, 8000 etc. and intervals of $50,000 on the Y axis.[iii. Over what range of output is location A the most preferred location?iv. Over what range of output is location B the most preferred location?v. Over what range of output is location C the most preferred location?Question 18 of 20 > Please decide whether each of the given costs is considered only an economic cost or an accounting and economic cost. Accounting and economic cost Economic cost Answer Bank The Internet access Eileen The nacho cart Jay bought The hour of class Travis The salary Jacob earned as purchases so she can begin an online company a dentist that he gave up to open up a snack stand outside the local high school. missed so he could sleep in this morning. to become a plumber. selling homemade macaroni crafts. The unpaid leave Brianna took so she can line up The new suit Solomon bought for the release of the next for his upcoming interview. book in her favorite series.
