(Answered) Consider a firm with the following cost function tc 85q2q2

Economics

Consider a firm with the following cost function: TC = 8+5Q+2Q2 , the marginal cost associated with this function is MC = 5+4Q.

A) Determine the firm's fixed and average cost equations.

B) Calculate the output elasticity of total cost and explain what it represents.

C) Calculate the total cost the firm would incur if its objective is to minimize average cost.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M92508254
Price:- $15

Verified Expert

Priced at $30 Now at $15, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

Assume that a salesman learned the price elasticity of

Assume that a salesman learned the price elasticity of demand for his products is -2.0. How many percent will increase in the total sales (revenue) if he cuts the price by 10%? Show your calculation process

Trans-pacific partnership tppwhat possible impact could

Trans-Pacific Partnership (TPP) What possible impact could this event have on global trade? Provide a credible citation. What is President Trump's position on the TPP? Citation?

A if the required reserve ratio is 250 percent what is the

a. If the required reserve ratio is 2.50 percent, what is the monetary multiplier b. If the monetary multiplier is 5, what is the required reserve ratio?

Sobel consumes positive quantities of both jam and juice

Sobel consumes positive quantities of both jam and juice. The price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 5. a. Wit ...

In a survey of 320 customers 84 say that service is poor

In a survey of 320 customers, 84 say that service is poor. You select two customers without replacement to get more information on their satisfaction. What is the probability that both say service is poor?

What are your thoughts on grant writing and grant money

What are your thoughts on grant writing and grant money toward purchase? How essential is this practice when looking at gaining money toward purchases?

Cowcor copr currently has 76 million in debt outstanding

COWCOR COPR currently has $76 million in debt outstanding with a 6% interest rate. The terms of the loan require it to repay $19 million of the balance each year. Suppose the marginal corporate rate is 40% and that the i ...

A student must answer 15 truefalse questions for a test but

A student must answer 15 true/false questions for a test, but the student did not study well. If the student randomly guesses on each question , what is the probability that the student answers 3 questions correctly?

Annual demand and supply for the mylan company is given

Annual demand and supply for the Mylan company is given by: Q D = 5,000 + 0.5 I + 0.2 A - 100P, and Q S = -5000 + 100P where Q is the quantity per year, P is price, I is income per household, and A is advertising expen ...

Suppose there is no inflation and an insurance company

Suppose there is no inflation and an insurance company offers a contract that would pay $500,000 with certainty 50 years from now. What is the most that this contract would be worth today if: 1. The rate of interest is 7 ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert