Question

In: Economics

Formulate an Economic Dispatch Problem with cost function: Fi=fi (PG i) i=1, 2, 3, LEN Total...

Formulate an Economic Dispatch Problem with cost function: Fi=fi (PG i) i=1, 2, 3, LEN Total cost o F = Ź fi . N→ Total number of units on ED. The system constraints are: N PGi = PD+PL+ PL Po System load (independent of Variable "Pai") PL - Losses in the network which are a function of the independent variable 'PGi' PLS A constant loss of This is a constant system-wide loss. This loss is NOT a function of the independent variable "Pai Formulate a Lagrangian Solution of the problem. Show all steps for calculating the Lagrangian number (delivered incremental cost) based on your problem formulation. Again, show all steps including the Lagrangian solution technique used. Specify "Penalty factor in terms of DPL "Incremental transmission loss" factor

Solutions

Expert Solution

PLEASE LIKE MY ANSWER AND SUPPORT ME

THANKYOU

Rahul Sunny answered 2 years ago
Next > < Previous

Related Solutions

Please answer 2 and 3. I have the answer for 1. A firm's total cost function...
Please answer 2 and 3. I have the answer for 1. A firm's total cost function is given by the equation: TC = 4000 + 5Q + 10Q2. (1) Write an expression for each of the following cost concepts: a. Total Fixed Cost b. Average Fixed Cost c. Total Variable Cost d. Average Variable Cost e. Average Total Cost f. Marginal Cost (2) Determine the quantity that minimizes average total cost and minimizing average variable cost. (3) Why does its...
1. Suppose a firm has the total cost function T C = 3/8Q^2 + 400 (a)...
1. Suppose a firm has the total cost function T C = 3/8Q^2 + 400 (a) Is this firm in the short run or long run? (b) Suppose this firm is facing a perfectly competitive market where the price is P = 24. What is the firm’s marginal revenue? (c) Write the firm’s profit function and solve for the profit-maximizing quantity of production Q∗ . (3 points) (d) How much profit does the firm make at the profit-maximizing level of...
A firm has the total variable cost function: ??? = 2? + 2?^2 and total fixed...
A firm has the total variable cost function: ??? = 2? + 2?^2 and total fixed cost of $20. Suppose the market demand is: ? ? = 20 − ?. a. What are the firm’s profit maximizing output and price if it is a monopolist? How much is its profit at this output level? How much is consumer and producer surplus? (Hint: use a diagram to illustrate the market), b. Suppose the government implements a tax of $3 tax unit...
Problem 3: A firm has the following production function: ?(?1, ?2 ) = ?1 + 4?2...
Problem 3: A firm has the following production function: ?(?1, ?2 ) = ?1 + 4?2 A)  Does this firm’s technology exhibit constant, increasing, or decreasing returns to scale? B) Suppose the firm wants to produce exactly ? units and that input 1 costs $?1 per unit and input 2 costs $?2 per unit. What are the firm’s conditional input demand functions? C) Write down the formula for the firm’s total cost function as a function of ?1, ?2, and ?....
Problem 3: A firm has the following production function: ?(?1, ?2 ) = ?1 + 4?2...
Problem 3: A firm has the following production function: ?(?1, ?2 ) = ?1 + 4?2 A) Does this firm’s technology exhibit constant, increasing, or decreasing returns to scale? B) Suppose the firm wants to produce exactly ? units and that input 1 costs $?1 per unit and input 2 costs $?2 per unit. What are the firm’s conditional input demand functions? C) Write down the formula for the firm’s total cost function as a function of ?1, ?2, and...
A production function is given by q = L1/3K1/3 and a total cost function is given...
A production function is given by q = L1/3K1/3 and a total cost function is given by TC = q2/3. Under what conditions could these belong to the same firm?
1. Is this cost function a short-run or long-run cost function? ? = 1 3 ?...
1. Is this cost function a short-run or long-run cost function? ? = 1 3 ? 3 − ? 2 + 2? + 90 a. Short-run b. Long-run c. There is information to answer question _____ 2. The ______illustrates the various combinations of L and K that can produce the same level of output. a. Isoquant b. Isocost c. Expansion path _____ 3. For a cost-minimizing firm that chooses the optimal level of L and K, it will always choose...
It is known that the company has a cost function ?? = 2?^3 3 - 15?^2...
It is known that the company has a cost function ?? = 2?^3 3 - 15?^2 2 + 60? and the company is price takers on the market. Given the market demand function ? = 22 - 2? and the supply function market ? = 2 + 2?. A. Determine market prices in perfect competition. b. Prove that the price at 3.a company produces at the lowest average price. c. Use charts, illustrate what happens in the market if at...
1. Suppose a firm has the following total cost function: TC = 100 + 4q^2 a....
1. Suppose a firm has the following total cost function: TC = 100 + 4q^2 a. What is the minimum price necessary for the firm to earn profit? You must explain your reasoning and process as to how your found the price you found. b. Below what price will the firm shut down in the short run?
Production Function:   Labor (L) 1 3 6 10 15 Total Product (Q) 1 2 3 4...
Production Function:   Labor (L) 1 3 6 10 15 Total Product (Q) 1 2 3 4 5 1. Using the data in the table above, compute the marginal product using the definition given earlier in this module. Draw a graph of the marginal product curve using the numbers you computed. Suppose this firm can hire workers at a wage rate of $10 per hour to work in its factory which has a rental cost of $100. Use the data in...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT