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April 20, 2014

Search: firm-level marginal cost and average cost functions

Number of results: 30,702

Economics
Yeah, so I'm in urgent need of help with this homework. 1. Assume that in a perfectly competitive market, a firm's costs and revenue are: Marginal cost = average variable cost at $20 Marginal cost = average total cost at $30 Marginal cost = average revenue at $25 A) How will ...
Wednesday, October 31, 2007 at 9:21pm by Jon

Macroeconomics
You want to determine the profit-maximizing production quantity for a monopolist. You can ask the firm's consultant to draw the firm's revenue and cost curves, but each curve would cost you $1,000. From the following list indicate which curves you will request and why? a) ...
Tuesday, July 10, 2012 at 7:27pm by Heather

econ
You want to determine the profit-maximizing production quantity for a monopolist. You can ask the firm's consultant to draw the firm's revenue and cost curves, but each curve would cost you $1,000. From the following list indicate which curves you will request and why? a) ...
Saturday, April 12, 2014 at 10:12am by bob

Macroeconomics
I need help to answer this question? You want to determine the profit-maximizing production quantity for a monopolist. You can ask the firm's consultant to draw the firm's revenue and cost curves, but each curve would cost you $1,000. From the following list indicate which ...
Saturday, April 12, 2014 at 12:06am by bob

Economics/Math
In a perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28, its marginal cost is $20, and its average variable cost is $20. Given these facts, explain whether the following statements are ...
Tuesday, November 3, 2009 at 11:02pm by cb

Micoreconomics
As a general rule, profit-maximizing producers in a competitive maket produce output at a point where: A) Marginal cost is increasing B) Marginal cost is decreasing C) marginal revenue is increasing D) Price is less then marginal revenue I picked C? The short-run supply curve ...
Monday, September 1, 2008 at 10:32am by G

Econ
A firm faces the following Average Cost function AC=1500Q^-1 + 300-27Q+1.5Q^2 Calculate the output level that minimizes: a) Marginal Cost b)Average Variable cost I need some help on this question. Thanks. If the average cost is AC=1500Q^-1 + 300-27Q+1.5Q^2 , then that is the ...
Friday, January 12, 2007 at 1:26am by Jack

Microeconomics
As a general rule, profit-maximiaing producers in a competitive maket produce ouput at a point where: A) marginal cost is increasing B) marginal cost is decreasing C) marginal revenue is increasing D) price is less than marginal revenue I was picking C for the answer? The ...
Friday, August 29, 2008 at 8:25pm by G

Microeconomics
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and ficed costs of $200. What are the firm's profit, marginal cost, and average varible cost respectively?
Thursday, September 23, 2010 at 7:38pm by Pam

Economics
1. The law of diminishing returns implies that at some output level: a) Marginal cost must fall b) Average total cost must diminish c) profit increases d) Marginal cost must rise e) Total cost must fall 2. The vertical distance between total cost curve and total variable cost ...
Monday, September 30, 2013 at 8:56pm by Nathan

economics
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue so $10, average total cost of $8 and fixed cost of $200. a. what is the profit? b. what is the marginal cost? c. what is its average variable cost? d. is the ...
Tuesday, September 20, 2011 at 1:55pm by jenny

Maths
Demand function P=50-Q Average Cost 5Q + 40 +10/Q Calculate the firm's total cost function Find the marginal cost function and evaluate it at Q=2 and Q=3 What is the total revenue function Find the firms's revenue maximising output level Find the firm's profit function Take a ...
Thursday, November 30, 2006 at 8:43am by Jen

Economics
The market for fertilizer is perfectly competitive. Firms in the market are producing output, but they are currently making economic losses. a. How does the price of fertilizer compare to the average total cost, the average variable cost, and the marginal cost of producing ...
Saturday, November 25, 2006 at 1:49am by Sarah

microeconomics
The short-run cost curve for each firm's long run equilibrium output is C=y^2-20y+400. Calculate the short-run average and marginal cost curves. At what output level does short-run average cost reach a minimum? I already know the MC and the SRA is TC/Q. I got the minimum as 10...
Monday, April 5, 2010 at 12:05pm by Jill

Help-Econ
Okay, this is due Tuesday. I'm woking on it but if anyone can help that would be great! Suppose firm A opeates in a perfectly competitive market. The price that currently prevails in the market is $1,000. Firm A's marginal cost is 20Q, where Q is output. Thus, as output ...
Monday, June 20, 2005 at 10:10pm by Trisha

home economics
Imagine that the efficient provision of telephone calls in a medium-sized city involves an initial investment of $100 million financed by borrowing at 6 percent and variable cost of 5 cents a phone call. The phone company's annual fixed cost would be $6.0 million (6.00 percent...
Monday, April 28, 2008 at 11:21pm by Eric

Microeconomics
When average total cost is declining then: a) marginal cost must be less than average cost b) marginal cost must be greater than average cost c) average toal cost must be greater than average fixed cost d) average variable cost must be declining. My answer is d but my friend ...
Thursday, January 26, 2012 at 1:52pm by Nicci

To: Economyst
Hi there. You helped me with a couple of questions regarding Econ. I appreciate the help but my issue is I don't understand how you calculate the minimum average variable cost or the output that maximizes profit. I do understand that the price is more than the AVC so they ...
Wednesday, November 4, 2009 at 8:11pm by cb

Economic
How is income distribution affected in monopolies? The market for fertilizer is perfectly competitive. Firms in the market are producing output, but they are currently making economic losses. a. How does the price of fertilizer compare to the average total cost, the average ...
Sunday, November 26, 2006 at 5:31pm by Mariah

Economics
5. A firm's marginal cost of production is constant at $5 per unit, and its fixed costs are $20. Draw its total, average variable and average costs. Marginal Cost (MC): $5 per unit Fixed Cost (FC): $20 Total Cost (TC): $25 Average Variable Cost (AVC): $5 FC is always going to ...
Sunday, April 15, 2012 at 10:49pm by Daisy

economics
The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply. a. What is the marginal revenue that this perfectly competitive firm will earn on its ...
Thursday, November 8, 2012 at 2:17pm by nika

Economics
Suppose that a firm is currently employing 30 workers, the only variable input, at a wage rate of $60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is: $3,600. a. What is marginal cost? b. What is average variable ...
Saturday, March 28, 2009 at 11:15pm by Kingram

Economics
Suppose that a firm is currently employing 30 workers, the only variable input, at a wage rate of $60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is: $3,600. a. What is marginal cost? b. What is average variable ...
Sunday, March 29, 2009 at 5:47pm by eStone

economics
You are hired as the consultant to a monopolistically competitive firm. The firm reports the following information about its price, marginal cost, and average total cost. Can the firm possibly be maximizing profit? If not, what should it do to increase profit? If the...
Thursday, May 24, 2012 at 5:35am by tiffany

World Business Economics
13. Dellís marginal cost curve and average total cost curve of producing a computer would shift upward if: A.) The firm realizes technological improvements B.) Workers become less productive C.) Materials prices decline for the firm D.) Business taxes decrease for the firm. E...
Tuesday, April 13, 2010 at 11:53pm by Renee

home economics
a firm produces 20 units of output at a market price of #5, a marginal cost of $5, and an average cost of $3. what is the firms economic profit and is the firm maiximizing its economic profit. Is the formula market price-average cost x quantity 20?
Friday, November 2, 2012 at 7:54pm by tom

econ
P=15-Q/1000. Suppose there are two firms in this market. Compute equilibrium quantities and profits for each firm, and the equilibrium market price. Hint: Start with thinking about the number of loaves a firm will sell in a month ó this quantity must be where its marginal ...
Monday, May 28, 2012 at 1:57am by Anonymous

Managerial Economics
Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of $100. The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is $5,000. a. What is marginal cost? b. What is average ...
Wednesday, November 3, 2010 at 7:48pm by Dede

Managerial ECON
Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of $100. The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is $5,000 a. What is marginal cost? b. What is average ...
Sunday, November 6, 2011 at 4:55pm by lost

eco
if the marginal product of capital of a firm is 120unit of output, rental price of machine is $30. and marginal product of labor is 40units of output, daily wages is $20. 1)why is this firm not maximizing output or minimizing cost in long run?? 2)how can the firm max. output ...
Friday, October 5, 2007 at 12:24pm by evon

econ 460
1. The demand for a new drug is given by P = 4 Ė 0.5Q. The marginal cost of manufacturing the drug is constant and equal to $1 per unit. (Prices and costs are in terms of dollars, and quantities are in millions). a. Illustrate on a diagram the following curves: demand, ...
Friday, April 30, 2010 at 12:40am by Anonymous

Business Economics
When we are given an expression for the Short Run Total Cost Curve (for eg: 8 + 3Q - 1.5Q^2 + 0.25Q^3), how do you derive expressions for the following: 1. Average Fixed Costs 2. Average Viarable Costs Curve 3. Marginal Costs Curve 4. Short Run Supply Curve I also have a ...
Wednesday, April 18, 2007 at 10:35am by Dan

Microeconomics
A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long run average cost is minimized at an output of 10 units (qi=10 ). The minimum average cost is R5 per unit. Total market demand is given by: Q=750-...
Monday, August 5, 2013 at 5:45pm by diegooooo

Microeconomics
1. Complete Table-1 (Joseph Farms, Inc., Cost and Revenue Data), either as a Microsoft Excel spreadsheet, or as a Microsoft Word table. Assume that the price is $165 and the fixed costs are $125, at an output level of 1. Also assume that the data represents a firm in pure ...
Thursday, December 6, 2012 at 3:30am by Sherry

micro economics
When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information, what is the average total cost of production ...
Tuesday, June 23, 2009 at 11:58am by Anonymous

calculus
The total cost of producing x units is C(q) = 2q3- 6q2-18q+108 (a) At what level of production will the total cost be minimized? (b) At what level of production will the marginal cost be minimized? (c) At what level of production will the average cost be minimized? (use calcu...
Tuesday, November 8, 2011 at 11:26pm by Anonymous

Math
For the given cost function 16 sqrt x+x^2/3375 The marginal cost at the production level 1700 The minimal average cost
Saturday, September 29, 2012 at 12:41pm by Jonathan

Economics
10. An industry currently has 100 firms, all of which have fixed cost of $16 and average variable cost as follows: Quantity / Average variable cost: (1/$1),(2,$2), (3,$3), (4,$4), (5,$5), and (6,$6) b. The price is currently $10. What is the total quantity supplied in the ...
Tuesday, November 28, 2006 at 6:47pm by Mariah

Economics
If a firm is producing a level of output where marginal revenue exceeds marginal cost, would it improve profits by increasing output, decreasing output, or keeping output unchanged?
Sunday, July 25, 2010 at 10:14pm by Anonymous 2

Economics
50. In both monopolistic competition and non-price-discriminating monopoly, isn't the marginal revenue curve lies below the demand curve? 51. A monopolistically competitive firm is producing an output level where marginal revenue is greater than marginal cost. This firm should...
Tuesday, December 5, 2006 at 6:32pm by Sammy

economics
a. What is the marginal revenue that this perfectly competitive firm will earn on its 60th unit of output? The graph on the right side illustrates a demand curve, which intersects at a price level of $12 per unit. This is equilibrium price. In case of perfectly competitive ...
Thursday, November 8, 2012 at 2:17pm by Anonymous

Economics
Two-Part Tariff Problem Suppose that each of a firmís customers has the following demand curve: P = 20 Ė 2Q. Suppose also that the firmís total cost function is TC = 8Q. The firm is considering three pricing strategies. Strategy 1: A single per unit fee. (No entrance fee) ...
Monday, November 12, 2012 at 11:24pm by Leonardo Yang

Economics
Ms Sue's statement is correct. However I would add the following. A firm should hire until the value of the marginal product (aka marginal revenue product or MRP) equals the marginal cost of the input (aka the marginal factor cost or MFC). The MRP will decline because of ...
Monday, July 6, 2009 at 8:53pm by economyst

economics
A monopolist faces an upward-sloping marginal cost curve. Its profit-maximizing quantity will be a. at the minimum point of the marginal cost curve b. less than the (total) revenue-maximizing quantity c. equal to the (total) revenue-maximizing quantity d. in the unit elastic ...
Saturday, November 13, 2010 at 6:38pm by linda

ecoc
TC=50+16 Q -2 Q2+0.2 Q3 a.plot this curve for quantites 1 to 10 b.calculate the average total cost,average variable cost, and marginal cost for these quantities, and plot them on another graph c. discuss your results in term of decreasing,constant, and increasing marginal costs.
Thursday, August 9, 2007 at 11:18am by kim

math
The daily total cost (in dollars) incurred by Trappee and Sons for producing x cases of TexaPep hot sauce is given by the following function. c(x)=0.000002x^3+3x+453 (a) Find the average cost function C. C = ? (b) Find the level of production that results in the smallest ...
Wednesday, November 14, 2012 at 11:15pm by Britney

math
The daily total cost (in dollars) incurred by Trappee and Sons for producing x cases of TexaPep hot sauce is given by the following function. c(x)=0.000002x^3+3x+453 (a) Find the average cost function C. C = ? (b) Find the level of production that results in the smallest ...
Monday, November 19, 2012 at 7:31pm by Julie (PLEASE HELP!!!)

Math
The daily total cost (in dollars) incurred by Trappee and Sons for producing x cases of TexaPep hot sauce is given by the following function. (a) Find the average cost function C. C = ? (b) Find the level of production that results in the smallest average production cost. (...
Monday, November 19, 2012 at 3:31pm by Julie

Economics
For the following characteristic say whether it describes a perfectly competitive firm, a monopolistically competitive firm, monopoly firm, or neither. Equates marginal revenue and marginal cost I would think that it would be each one of them since each one uses the Golden ...
Monday, December 4, 2006 at 10:26pm by Sally

economics
A firm has fixed costs of $30.00 and variable costs as indicated in the table below. Complete the table. Instructions: Round your answers so that you enter no more than 2 decimal places. Total Product Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average ...
Thursday, October 27, 2011 at 3:36pm by Anonymous

ECON
A pure monopolist sells output for $4.00 per unit at the current level of production. At this level of output, the marginal cost is $3.00, average variable costs are $3.75, and average total costs are $4.25. The marginal revenue is $3.00. What is the short-run and long-run ...
Tuesday, March 22, 2011 at 4:59am by KP

Business Calculus
A company has operating costs of $2000 per thousand items produced. Its revenue function can be modeled by the equation: R(x)=30x/(x+2)≤ , where x is measured in thousands of items produced, and C and R are measured in thousands of dollars (so C(x)=2). 1. Determine the price-...
Friday, March 25, 2011 at 9:15pm by Adriana

economics
HELP!!!!! One and only Inc is a monopolist. The demand function for its product is estimated to be Q=60-0.4P +6Y+2A Y=3,000 P=Price per Unit Y=Per capita disposable personal income (thousands of dollars) A=hundreds of dollars of advertising expenses The Firms average variable ...
Wednesday, August 25, 2010 at 6:35pm by Christina

economics
This is going to be really long, but I want to see if my answers are correct. This is problem number 10.10 in my Intermediate Microeconomics book. A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost ...
Wednesday, November 14, 2007 at 1:53am by sleepy

Math check
Average cost = q^2°V15q + 48 Calculate the output level (q), which minimizes a)Total Cost b)Marginal Cost I got an answer for a) is q=8 and b) is q=5 I need somebody to check it for me, thanks so much.
Wednesday, January 17, 2007 at 5:37pm by yan

eco
suppose that the marginal product of the last worker employed by a firm is 40 units of output per day and the daily wage that the firm must pay is $20 while the marginal product of the last machine rented by the firm is 120 units of out put per day and the daily rental machine...
Friday, October 5, 2007 at 10:44pm by evon

Managerial ECON
a. What is marginal cost? b. What is average variable cost? c. How much output is been produced? d. What is average total cost? e. Is average variable cost increasing, constant, or decreasing? What about average total cost?
Saturday, April 5, 2008 at 9:34am by Anonymous

Economics
Please help me on this one! You are planning to estimate a short-run production function for your firm, and you have the following data on labor usage and output: Labor Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 A- Does a cubic equation appear to be a ...
Wednesday, July 22, 2009 at 8:22pm by TrickyEconomics

Economics
Please Help You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output: Labor Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 a.Does a cubic equation appear to be a suitable ...
Wednesday, July 22, 2009 at 8:15pm by TrickyEconomics

economics (micro)
2. In the table below, assume a monopsonist has the marginal-revenue-product schedule for a particular type of labor given in columns 1 and 2 and that the supply schedule for labor is that given in columns 1 and 3. (1) (2) (3) (4) (5) Number of MRP Wage Total Marginal labor ...
Monday, May 3, 2010 at 8:22pm by Tom

econ
The economist for the Grand Corporation has estimated the companyís cost function, using the times series data to be TC=50+16Q-2Q2+0.2Q3 a. Plot this curve for quanties 1 to 10 b. Calculate the average total cost, average variable cost and marginal cost for these quanties, ...
Saturday, February 23, 2008 at 8:16pm by Anonymous

economics
You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output: Labor usage Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 Does a cubic equation appear to be suitable ...
Monday, August 18, 2008 at 10:24pm by natalie

economics
You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output: Labor usage Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 Does a cubic equation appear to be suitable ...
Monday, August 18, 2008 at 10:29pm by natalie

home economics
The economist for the Grand Corporation has estimated the companyís cost function, using the times series data to be TC=50+16Q-2Q2+0.2Q3 a. Plot this curve for quanties 1 to 10 b. Calculate the average total cost, average variable cost and marginal cost for these quanties, ...
Saturday, February 23, 2008 at 8:15pm by Anonymous

ecoc
i can not figure this out the economist for the grand corporation has estimated the company's cost function, using time series data, to be TC=50+16Q-2Q2+0.2Q3 a.plot this curve for quantites 1 to 10 b.calculate the average total cost,average variable cost, and marginal cost ...
Sunday, August 5, 2007 at 10:17pm by kisha

economics
6) If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about: A. 0.0 B. 0.4 C. 0.6 D. 2.5 7) When labor is the variable input, the average product equals the A. ...
Monday, October 29, 2012 at 5:34pm by johnny

Math
It would help if you told us what MC, TC and AC mean. Marginal, total and average cost? It looks like your C(q) is already a total cost. The marginal cost is the cost of making one more. That is clearly 0.5 here.
Tuesday, February 10, 2009 at 10:04pm by drwls

Economics
5. (Ch. 17 # 5) Sparkle is one firm of many in the market for toothpaste, which is in long-run equilibrium. a. Draw a diagram showing Sparkleís demand curve, marginal revenue curve, average cost curve, and marginal cost curve. Label Sparkleís profit-maximizing output and price...
Sunday, April 8, 2007 at 11:37pm by Amanda

economics
In long-run equilibrium, the perfectly competitive firm's price is equal to which of the following: short-run marginal cost minimum short-run average total cost marginal revenue all the above I think that it is all the above. Am I correct? I too would go with all of the above ...
Friday, December 8, 2006 at 12:26am by Jake

Managerial ECON
You are planning to estimate a short- run production function for your firm, and you have collected the following data on labor usage (L) and output (Q): Labor usage Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 a. Does a cubic equation appear to be a ...
Sunday, November 6, 2011 at 4:56pm by lost

math
I assume the "total cost" is "total fixed cost" since the marginal cost is higher than the "total cost" divided by the number of items. So at the production level of 1400 items, total cost = total fixed cost + n*marginal cost where n=number of items to be produced, marginal ...
Friday, October 8, 2010 at 3:28pm by MathMate

Managerial ECON
The chief economist for Argus Corporation, a large appliance manufacturer, estimated the firmís short- run cost function for vacuum cleaners using an average variable cost function of the form AVC = a + bQ + cQ2 where AVC dollars per vacuum cleaner and Q number of vacuum ...
Sunday, November 6, 2011 at 5:44pm by lost

Microeconomics
Monopolistic Competition A profit-maximizing firm in a monopolistically competitive maket is characterized by which of the following: A. Average revenue exceeds marginal revenue. B. Marginal revenue exceeds average revenue, C. Average revenue is equal to marginal revenue. D. ...
Thursday, October 16, 2008 at 11:14am by G

advanced math
The marginal cost of a product can be thought of as the cost of producing one additional unit of output. For example, if the marginal cost of producing the 50th product is $6.20, it cost $6.20 to increase productionn from 49 to 50 units of output. Suppose the marginal cost C(...
Monday, December 3, 2012 at 7:12pm by kristina

economics
Bubba's Burgers sells hamburgers in a perfectly competitive market at a price of $1.50 each. At the profit-maximizing (cost-minimizing) level of output, average total cost is $1.90 per hamburger and average variable cost is $1.75 per hamburger. Should the firm continue to ...
Saturday, February 18, 2012 at 5:32pm by Ophilia

Microeconomy
uppose the demand for these jets is given by the equation: P = 3000 - Q, where Q denotes the quantity of jets, and P denotes its price. So that the marginal revenue facing the firm is: MR = 3000 - 2Q. The marginal cost of Lockheed Martin is given by the equation: MC(Q) = 2Q ...
Friday, May 24, 2013 at 11:34am by Ann

Economics
Consider the production function Q= 20K^(1/2)L^(1/2). The firm operates in the short run with 16 units of capital. a. The firm's short-run production function is Q=? b. The average product of labor function is AP=? c. The marginal product of labor function is MP=? d. Show that...
Monday, October 31, 2011 at 4:07pm by Catherine

Microeconomics
Firm's Profit $200 Marginal Cost $10 Average Varible Cost Respectively $6 $200, $10, and $6
Thursday, September 23, 2010 at 7:38pm by Pam

Finance Management
What is the Weighted Average Cost of Capital (WACC) for a firm where debt is 40% of the firm, preferred stock is 10% of the firm, common stock is 50% of the firm, after tax cost of debt is 8%, cost of preferred stock is 12%, and the cost of common stock is 18%?
Sunday, June 15, 2008 at 11:18am by ccbinks

Microeconomics
Dr Russ. The marginal cost for a book in this problem is given at $10 per book. Rather high in today's publishing world, but its a nice round number. You are correct, marginal costs are generally not flat. But in this learning example, they are flat. Which means average ...
Thursday, September 18, 2008 at 10:17am by Anonymous

managerial economics
labor usage -3,7,9,11,17,17,20,24,26,28,30 output-1,2,3,5,8,10,15,18,22,21,23 a. does a cubic equation appear to be a suitable specification, given these data? You may construct a scatter diagram to help with this question. b. using the computer software for regression ...
Tuesday, July 3, 2007 at 11:39am by Tarsha

Economics Review Help!
This is for a test that I'm studying for in Economics. I never did understand this stuff. Here's what I have to figure out. I've never been good at Economics, but I'm trying to get this stuff down for my final. Any help would be appreciated. Thanks in advance. Question 73 of ...
Tuesday, July 12, 2005 at 5:43pm by Matt

Microeconomics
Monopolistic Competition A monopolistically competitive market could be considered inefficient because: A. Marginal revenue exceeds average revenue B. Price exceeds marginal cost C. Efficient scale is realized in the long run, but not in the short run D. Markup pricing does ...
Monday, October 20, 2008 at 9:38am by G

economics
Assume the graph below represents the market demand for a patented prescription drug together with the firm-level marginal cost and average cost functions for producing the drug. Assume these cost curves do not reflect R&D costs of developing this drug, but only reflect ...
Sunday, November 7, 2010 at 7:12pm by tweetie

economics
Assume the graph below represents the market demand for a patented prescription drug together with the firm-level marginal cost and average cost functions for producing the drug. Assume these cost curves do not reflect R&D costs of developing this drug, but only reflect ...
Sunday, November 7, 2010 at 7:13pm by tweetie

Economics
6)Assume the graph below represents the market demand for a patented prescription drug together with the firm-level marginal cost and average cost functions for producing the drug. Assume these cost curves do not reflect R&D costs of developing this drug, but only reflect ...
Wednesday, October 8, 2008 at 6:26am by Anonymous

Economics
An industry currently has 100 firms, all of which have fixed costs of $16 and avg. variable cost as follows: Q Avg. Variable Cost ($) 1 1 2 2 3 3 4 4 5 5 6 6 a. Compute marginal cost and avg. total cost. b. the price is $10. what is the total quantity supplied in the market? c...
Wednesday, December 13, 2006 at 4:00am by Maggie

economics
suppose a firm's constant-returns to scale production function requires it to use capital and labor in a fixed ratio of two workers per machine to produce 10 units and that the rental rates for capital and labor are given by v=1, w=3. a. calculate the firm's long run total and...
Thursday, October 4, 2007 at 5:02pm by jon

Economics
Help me on this one please? labor usage -3,7,9,11,17,17,20,24,26,28,30 output-1,2,3,5,8,10,15,18,22,21,23 a. does a cubic equation appear to be a suitable specification, given these data? You may construct a scatter diagram to help with this question. b.using the computer ...
Tuesday, July 21, 2009 at 8:34pm by TrickyEconomics

Algebra
83. Minimizing Marginal Cost The marginal cost of a product can be thought of as the cost of producing one additional unit of output. For example, if the marginal cost of producing the 50th product is $6.20, it cost $6.20 to increase production from 49 to 50 units of output. ...
Thursday, November 3, 2011 at 12:46am by Terry

Economics
For the following characteristic say whether it describes a perfectly competitive firm, a monopolistically competitive firm, monopoly firm, or neither. a. Has marginal revenue less than price. I would think this would be neither. b. Produces at minimum of average total cost in...
Tuesday, December 5, 2006 at 6:54pm by Sally

Managerial Economics
Help me on this one please? labor usage 3,7,9,11,17,17,20,24,26,28,30 output 1,2,3,5,8,10,15,18,22,21,23 a. does a cubic equation appear to be a suitable specification, given these data? You may construct a scatter diagram to help with this question. b.using the computer ...
Saturday, September 12, 2009 at 10:29pm by Jan

Econ
This is due Thursday. We are studying monopolies, and the question is; Firm X is a monoply firm. MR and MC for Firm X are as follow: MR=5,110-10Q, MC=10+10Q, where Q is output. a) Calculate Firm X's profit-maximizing output. I think this is Q=225 b) If Firm X's price is $60 ...
Wednesday, June 22, 2005 at 2:31pm by Trisha

Economics
Consider total cost and total revenue given in the following: (Quantity/Total Cost/Total Revenue): (0/8/0), (1/9/8), (2/10/16), (3/11/24), (4/13/32), (5/19/40), (6/27/48), (7/37/56) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the ...
Thursday, November 23, 2006 at 8:01pm by Mariah

economics
For example the productive needs of the firm would be to set (Marginal Revenue = Marginal Costs (MR = MC) and create excess profits for the firm. However, as far as what is in the best interests of society it might be Price or (Average Revenue) = MC. Give the answers of both ...
Saturday, September 3, 2011 at 7:30pm by DD

Economics
. Consider total cost and total revenue given in the table below: QUANTITY 0 1 2 3 4 5 6 7 Total cost $8 $9 $10 $11 $13 $19 $27 $37 Total revenue 0 8 16 24 32 40 48 56 a. Calculate profit for each quantity. How much should the firm produce to maximize profit? b. Calculate ...
Saturday, June 7, 2008 at 1:30am by SMsm

Economics
6. Consider total cost and total revenue given in the table below: QUANTITY 0 1 2 3 4 5 6 7 Total cost $8 $9 $10 $11 $13 $19 $27 $37 Total revenue 0 8 16 24 32 40 48 56 a. Calculate profit for each quantity. How much should the firm produce to maximize profit? b. Calculate ...
Saturday, June 7, 2008 at 1:32am by SMsm

Economics
6. Consider total cost and total revenue given in the table below: QUANTITY 0 1 2 3 4 5 6 7 Total cost $8 $9 $10 $11 $13 $19 $27 $37 Total revenue 0 8 16 24 32 40 48 56 a. Calculate profit for each quantity. How much should the firm produce to maximize profit? b. Calculate ...
Saturday, June 7, 2008 at 1:35am by SMsm

microeconomics
consider total cost and total revenue given in the table bellow: quantity total cost total revenue 0 $8 0 1 $9 8 2 $10 16 3 $11 24 4 $13 32 5 $19 40 6 $27 48 7 $37 56 a. Calculate profit for each quantity. How much should the firm produce to maximize profit? b. Calculate ...
Monday, January 26, 2009 at 1:37pm by sara

Microeconomics
If the wage exceeds the value of the marginal product of labor, then hiring another worker: A. Decreases the firmís total revenue B. Increases the firmís profit C. Increases the firms total cost D. All of the above are correct I picked A? As a result of severe flooding a ...
Monday, October 27, 2008 at 6:43am by G

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