Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Managerial Economics Expert

problem: If the marginal cost of producing a good is increasing as a firm produces more of the good and then which of the following must be true?

a) AFC is rising 
b) AVC is rising 
c) MC > AVC  
d) MPL is falling

problem: The equality of marginal cost and average variable cost occurs when:

a) Marginal cost is minimal.     
b) Average product of the variable input is minimal. 
c) Average variable cost is minimal.  
d) None of the previous statements is correct.

problem: Suppose the short-run production function is Q = 10L and the wage rate equals $10.  Find the average variable cost.

problem: A firm’s total cost function is given by TC = 2Q2 + 10. What are the firm’s fixed costs, variable cost, average fixed cost, average variable cost, and marginal cost functions?  Sketch the MC, AFC, AVC curves, as well as the average total cost curve, all in one diagram. If necessary, continue your solution on the back side.

problem: A firm uses capital and labor to produce a single output good. The production function is given by F(K, L) = K2 L; Where K is the amount of capital and L is the amount of labor employed by the firm.  The unit prices of capital and labor are, respectively, r = $6 and w =$5.  Let the amount of capital K be fixed at K=20. Based on this information, determine and sketch the firm’s short run cost curves: AFC, AVC, AC, and MC. Please use the back of this page if you need more space for your solution.

problem: A firm uses capital and labor to produce a single output well. The production function is given by F(K, L) = K2 L; Where K is the amount of capital and L is the amount of labor employed by the firm. The unit prices of capital and labor are given by, respectively, r = $6 and w =$5. Based on this information, please draw the optimal expansion path of the firm. describe.

problem: Let a firm’s production function be given by K0.3 L0.7.

(i) Sketch (without specific numbers) the shape of the long run average and long-run marginal cost curves of the firm;

(ii) in the same graph, please also sketch the firm’s short run average and marginal cost curves (when the amount of capital is fixed). Comment on the relationship between the long- and the short-run curves.

problem: A firm operates two plants with the marginal cost curves given by MC1 = 50 + 2Q1, MC2 = 90 + Q2. If the firm’s total output must be 80 units, how much will it produce at each plant?  Please use the back of this page for your solution.

problem: Let a quarry’s cost function of producing Q tons of stone per hour be given by TC =  Q3- 10Q2+ 40Q + 25, so that marginal cost function is MC= 3Q2 - 20Q + 40.

(i) Find the formula for the quarry’s short-run supply curve and draw its detailed graph. describe your solution.

(ii) If market price of a ton of stone is $28, how much will the quarry’s manager be willing to produce per hour in the short run? find out per hour profit. 

Managerial Economics, Economics

  • Category:- Managerial Economics
  • Reference No.:- M9113

Have any Question? 


Related Questions in Managerial Economics

Question1submit a first draft of your open comment letter

Question: 1. Submit a first draft of your open comment letter. An open comment is an informed opinion written in the form of a letter to counsel authors of legislation on the perceived benefits and consequences of the op ...

Homeworkteam buildingin this assignment you will learn

Homework Team Building In this assignment, you will learn about team building and why it is an important skill for managers and leaders. Identify two groups you belong to or have belonged to; the groups can be personal o ...

Managerial economics assignment-you are the production

Managerial Economics Assignment- You are the production manager of the Lewis, Inc., which supplies memory products to desktop systems. You recently read an article that reported the projected demand for desktop systems t ...

Managerial economics assignmentproblem 1 - you enjoy

Managerial Economics Assignment Problem 1 - You enjoy satisfaction from consuming sandwiches. Suppose there are two types of sandwiches, X and Y. 1) Graph your budget line if you are offered a "buy two, get one free (lim ...

Qestion 1the demand for wine is given by the equation qd

Question 1 The demand for wine is given by the equation QD = 500 - 20P, where P is the price of wine per litre and QD is the quantity of wine demanded in litres. The supply of wine is given by the equation QS = 30P. (a) ...

Managerial economics discussionfrom the e-activity examine

Managerial Economics Discussion From the e-Activity, examine the key factors that influence the supply and demand of the selected good in general and Katrina's Candies specifically. Propose two methods in which organizat ...

Managerial economics assignmentthe homework covers ch 1113

Managerial Economics Assignment The homework covers Ch 11~13. It has to be your individual work. Copying answer from others will violate ACADEMIC HONESTY policy to cause a failing grade. For each question, please show th ...

Midterm exam part 1question 1income tax payments are an

Midterm Exam Part 1 Question 1 Income tax payments are an example of ____. implicit costs explicit costs normal return on investment shareholder wealth Question 2 The primary objective of a for-profit firm is to ________ ...

Managerial economy projectoptionfor the portfolio project

Managerial economy project Option For the Portfolio Project, conduct an analysis of a recent article and provide your evaluation and outcome expectations in an articulate and informative paper that discusses: • A minimum ...

Questionview atul gawandes ted talk how do we heal medicine

Question: View Atul Gawande''s TED Talk, How Do We Heal Medicine? Which of the models, cowboys or pit crews, would you advocate for as a healthcare manager? Provide some positives and negatives of each model.

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate