If total cost, T(X), is related to output, X, by the equation: T(X) = 0.001X2 + 0.5X + 50 a.What is the variable cost function? b.What is the average cost function? If output is 100 units, find a.Total fixed cost; b.Total variable cost; c.Total cost; d.Average cost; e.Marginal cost of the 100th unit. A
Pizza Restaurant has the following revenue and Cost Functions: Revenue: R= 0+0.10Q Cost: C=20+0.05Q, where, R is revenue, C is cost and Q is slices of pizza sold in 100 pieces. Find break-even output. Find quantity.
In a retailing operation, total costs can be expressed as a function of total sales. A small store found recently that when their total sales increased form $1,000 to $4,000, their costs increased from $750 to $1,500. a.Which is the dependent variable and which is the independent variable? Explain. b.Assuming that a linear f
Find the range of outputs for which the cost function C(q) = f +cq^2 where c>0 is characterized by A. i) economies of scale, (ii) diseconomies of scale, and (iii) constant return to scale B. Are there economies of scale if f = 0.
You've been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. The firm currently uses 70,000 workers to produce 300,000 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is $500,000 per day.
Total output Costs TFC TVC AFC AVC ATC MC 0 $100 $100 1 $150 $100 $50 $100 $50 $150 $50 2 $225 $100 $125 $50 $63 $113 $37.50 3 $230 $100 $130 $33 $43 $77 $1.67 4 $300 $100 $200 $25 $50 $75 $17.50 5 $400 $100 $300 $20 $60 $80 $20.00 Using the table above, explain what happens to
What is the definition of an externality? What is the distinction between positive externalities (positive spillover costs) and negative externalities (negative spillover costs)? Why do externalities exist?
Given the quantity and total fixed and variable costs, calculate the remaining costs the complete the following table. UNITS OF TFC TVC TC AFC AVC AC MC OUTPUT (Q) 0 100 0 10 100 50 20 100 80 30 100 103 40 100 120 50
Assume that nominal output rises from $12.5 trillion in 2005 to $13 trillion in 2006. Assume also that the GDP deflator rises from 100 to 105. a. What is the percentage increase in nominal output? b. What is the percentage increase in the price index? c. How much has real output increased (in dollars)? d. What is the perce
I would like to clarified my mind with some accounting term and technical word, writting my problem in this way allow me to understand much better these concepts. 1) a property taxes is a conversion cost or period cost? 2)the difference between an estimat selling price for a product and its total unit cost represents: cont
A local restaurateur whose business had been profitable for many years recently purchased a liquor license, giving her a legal right to sell beer, wine and spirits at the restaurant. The license cost $75,000. While the license is transferable, only $65,000 is refundable if the owner chooses not to use it. After selling alcoholic
I need to know some information about these question in at least 300 words 1) what does the cost manager do? 2) what information does the cost manager get and how does he use it? 3) what decision does the cost manager make about production and how does it affect shareholders? 4) when does the cost manager make these
Subject:Economics, Cost-Benefit Analysis - OtherDescription:Follow the below posted informationProblem:Crafton Carbuckle began a corporate consulting firm, Creative Consumer Consultants, Ltd., in 1994. The firm specializes in assisting corporate clients analyze markets and promotional campai ...there is moreshow problemCrafton
For each of the following statements, identify the type of market it describes. Use an example from the readings or the internet for each characteristic and explain your choice. A. The company practices product differentiation B. The firm earns an economic profit in the long run C. Maximizes profits by equating MC and MR D
An internal study at Mimeo Corporation-a manufacturer of low end photocopiers-revelaled that each of its workers assembles 3 photocopiers per hour and is paid $3 dollars for each assembled copier. Although the company does not have the resources needed to supervise the workers, a full time inspector verifies the quality of each
Problem 1: Apex, Inc. is a monopolist. The demand function for its product is estimated to be Q = 60 - 0.4P + 6Y +2A Where Q=quantity of units sold P= price per unit Y = per capita disposable personal income (thousands of dollars) A = hundreds of dollars of advertising expenditures The firm's average variable cost function
I have 3 problems here. I have the solution for the first 2 (excel) but I don't understanding how they got to that and I need to. So some detail about the method steps if possible. At least so I can follow through the rest. The excel is still fine.For the 3rd problem I need explainations too. My text is Foundations of Financial
Explain the following in the context of the simulation. o Create a solution using strategic variables available to you to sustain the economic profits the firm can earn. o What are some of the pricing strategies that you would recommend? o What are some of the nonpricing strategies that you would recommend? o
For the graph below: a. Does q0 represent the profit maximizing level of output? Yes or No. Explain. b. Is the firm making a profit or realizing losses? How do you know? c. Should the firm continue to operate in the short run? Explain 2. The top four firms in industry A have market shares of 30, 25, 10 and 5% res
Quick Tax, Inc.,is the only tax preparation firm in Daytona Beach. Total and marginal revenue relations for small business customers are: TR = $280Q - $0.005Q2 MR = $280 - $0.01Q Marginal costs are stable at $100 per unit. All other costs have been fully amortized. As a monopoly, calculate Quick Tax's output, price,
1. This question pertains to wages and salaries. I want to discuss the factors that determine professional athletes' salaries. 2. Identify a firm or type of business that periodically shuts down their operations. Identify the economic conditions that exist (e.g., fixed costs and variable costs vs. revenues) when they shut dow
Master Card has a series of cute commercials that list a series of accounting items and costs leading to a priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceless, everything has a price. Take something from your experience, that is allegedl
Unit 4 - Assignment 2 Assignment Type: Individual Project 2 Deliverable Length: 1-2 Pages Points Possible: 60 Due Date: 7/5/2009 11:59:59 PM I do not want you to do my assignment, but this is the only way I could explain the question to you! Use the following data to answer questions 1-3 (be sure to prov
A Firm has total cost function given by the following: TC = 10000 + 7*Q - 100*Q2 + 2*Q3 Its marginal cost function is given by: MC = 7 - 200*Q + 6*Q2. a) Write down the following cost functions: i. Total Fixed Cost (TFC) ii. Total Variable Cost (TVC) iii. Average Total Cost (ATC) iv. Average Fi
Twentyfirst Century Electronics has discovered a theft problem at its warehouse and has decided to hire security guards. The firm wants to hire the optimal number of security guards. The following table shows how the number of security guards affects the number of guards affects the number of radios stolen per week Number of se
See attachment.
Please help with the following problems. Provide step by step calculations. Hypothetical monopoly firm is characterized by the following diagram. (See attached file for diagram) a. Assuming that the above firm is a profit maximizer operating in the short run, determine its optimal output? This occurs where MR=MC and
Soft selling occurs when a buyer is skeptical of the quality or usefulness of a product or service. For example, suppose you're trying to sell a company a new accounting system that will reduce costs by 10%. Instead of asking for a price,you offer to give them the product in exchange for 50% of their cost savings. Describe the
Suppose a firm's production function is given by Q=12L-L^2 for L=0 to 6, where L is labour input per day and Q is output per day. Derive and draw the firm's demand for labour curve if the output sells for $10 in the competitive market. How many workers will the firm hire when the wage rate is $30 per day? $60 per day? (Hint: the
Suppose there are three firms with the same individual demand function. This function is Q=1,000-40P. Suppose each firm had a diffeerent cost function these functions are: Firm 1: 4,000+ 5Q Firm 2: 3000 + 5Q Firm 3: 3,000 + 7Q What price should each firm charge if