Question
In: Economics
Suppose that you know the following 2 facts regarding the costs of Firm A:
Suppose that you know the following 2 facts regarding the costs of Firm A:
* Marginal Cost = 6Q2 – 408Q + 7000
* Total Cost of 2 units = $ 21,200
Solve for the Total Cost of 4 units ( show your work).
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
You are the Claims Manager for a large auto insurance firm. You know the following facts:...
You are the Claims Manager for a large auto insurance firm. You
know the following facts: • 25% of your policy-holders are younger
(age 16-34). Within this group, 55% are men and 45% are women. Only
some of these policy holders make an accident claim. The men have a
10% probability of making a claim, while the women have a 5%
probability of making a claim. • 50% of your policy-holders are
middle-aged (ages 35-59). Of these, 50% are men...
You are the Claims Manager for a large auto insurance firm. You know the following facts:...
You are the Claims Manager for a large auto insurance firm. You
know the following facts:
• 25% of your policy-holders are younger (age 16-34). Within
this group, 55% are men and 45% are women. Only some of these
policy holders make an accident claim. The men have a 10%
probability of making a claim, while the women have a 5%
probability of making a claim.
• 50% of your policy-holders are middle-aged (ages 35-59). Of
these, 50% are men...
You are the Claims Manager for a large auto insurance firm. You know the following facts:...
You are the Claims Manager for a large auto insurance firm. You
know the following facts: • 25% of your policy-holders are younger
(age 16-34). Within this group, 55% are men and 45% are women. Only
some of these policy holders make an accident claim. The men have a
10% probability of making a claim, while the women have a 5%
probability of making a claim. • 50% of your policy-holders are
middle-aged (ages 35-59). Of these, 50% are men...
You are the Claims Manager for a large auto insurance firm. You know the following facts:...
You are the Claims Manager for a large auto insurance firm. You
know the following facts: • 25% of your policy-holders are younger
(age 16-34). Within this group, 55% are men and 45% are women. Only
some of these policy holders make an accident claim. The men have a
10% probability of making a claim, while the women have a 5%
probability of making a claim. • 50% of your policy-holders are
middle-aged (ages 35-59). Of these, 50% are men...
Let us assume the following regarding 2 firms: Firm A Firm B Emissions Total abatement costs...
Let us assume the following regarding 2 firms:
Firm A
Firm B
Emissions
Total abatement costs
Marginal abatement costs
Emissions
Total abatement costs
Marginal abatement costs
4
0
0
4
0
0
3
1
3
2
2
2
2
4
1
3
1
6
0
4
0
8
1 Please calculate the total abatement costs for both firms (see
empty boxes in the table above, what are the corresponding
values?)
2 What are the total abatement costs for the firms...
Suppose that you manage a firm in a perfectly competitive market that has the following costs...
Suppose that you manage a firm in a perfectly competitive market
that has the following costs of production:
Quantity
Total Cost
0
$5
1
$8
2
$10
3
$13
4
$18
5
$24
6
$32
7
$42
8
$53
9
$66
10
$81
If the market price is $6, how many units should you produce to
maximize profit?
Question 1: Why are costs so important for a perfectly competitive firm? Question 2: Suppose you...
Question 1: Why are costs so important for a perfectly
competitive firm?
Question 2: Suppose you own and manage a hotel that has
100 rooms. Your total costs (including all staff wages, utilities,
insurance, lease payments, etc.) are $10,000/night, such that your
average total costs per room are $100 per night. You work with an
online bidding Web site (like Priceline) and receive a bid of $70
for a single night in the following week. You currently have
several vacant...
Suppose a firm in a competitive market face the following costs and prices.
Suppose a firm in a competitive market face the
following costs and prices. COSTSREVENUESQuantityProducedTotalCostMarginalCostQuantityDemandedPriceTotalRevenueMarginalRevenue0$0--0$80--1$501$802$1022$803$1573$804$2174$805$2855$806$3656$807$4627$808$5828$80Complete the table.How much will the firm produce to maximize profit?What is the economic profit at the quantity produced to
maximize profit?
Suppose that a firm in a competitive market faces the following revenues and costs:
Table 14-9Suppose that a firm in a competitive market faces the following
revenues and costs:QuantityTotal RevenueTotal Cost0$0$101$9$142$18$193$27$254$36$325$45$406$54$497$63$598$72$709$81$82Refer to Table 14-9. If the firm produces 4 units
of output,a)marginal revenue is less than marginal cost.b)marginal cost is $4.c)the firm is maximizing profit.d)total revenue is greater than variable cost.
Suppose that a firm in a competitive market faces the following revenues and costs:
Suppose that a firm in a competitive market faces the following
revenues and costs:QuantityTotal RevenueTotal Cost0$0$31$7$52$14$83$21$124$28$175$35$236$42$307$49$38A. A competitive firm won’t produce beyond what quantity?
Why?B. What is the marginal cost of the 5th unit?C. How much should the competitive firm produce to maximize
profit?D. What is the profit at the maximizing quantity?
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