(Answered) You must show your worknot simply write down an answers1

Economics

You must show your work..not simply write down an answers.

1. Suppose that a perfectly competitive firms' Total Cost function is given by:

SRTC(q) = 50 + 80q -10q2 + .6q3

a. What is fixed cost equal to? What is Variable Cost equal to?

b. What is Marginal Cost equal to? What is Average Variable Cost equal to?

c. Below which market price (a number) will this firm choose to produce 0 output?

d. Choose a market price that is between Average Cost and Average Variable Cost. Will the firm choose to produce a positive output level? Depict this output level in a graph that includes all the appropriate curves. Explain verbally (and with numbers) whether this firm would choose to produce the output you chose.

e. What does it mean by a firm to be a price taker? What is the implication of this for the individual firms' demand curve? You must also mention in your answer the term elasticity (correctly of course).

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M92414305
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

Determine the minimum sample size required when you want to

Determine the minimum sample size required when you want to be 98% confident that the sample mean is within two units of the population mean. Assume a standard deviation of 4.82 in a normally distributed population.

A national air traffic control system handled an average of

A national air traffic control system handled an average of 47,556 flights during 28 randomly selected days in a recent year. The standard deviation for this sample is 6,251 flights per day. Complete parts a through c be ...

What is bitcoin and why does it have value is bitcoin money

What is Bitcoin and why does it have value? Is Bitcoin money? Explain why it does or does not satisfy the three conditions it must meet to be considered money.

A particular manufacturing process is known to produce 03

A particular manufacturing process is known to produce 0.3 proportion defective items. Suppose that a sample of 10 items produced by this process are selected at random. (a) The probability that the sample will contain e ...

Why are farmers paid so littlenbspthe price of agricultural

Why are farmers paid so little? The price of agricultural goods like chickens and coffee has been falling for decades and the share going to farmers has also been falling. What is the "Global division of labor" in food ...

Assignment cultureimagine you work for a company that has

Assignment: Culture Imagine you work for a company that has recently merged with a global company. Write a brief introduction to your company as well as the company that merged with the company . Then develop an eight to ...

A school district is trying to estimate the proportion of

A school district is trying to estimate the proportion of students at the high school who would eat a school breakfast if the cafeteria were opened to students at 6 am. A new employer opened up within the district and th ...

Suppose the price of oranges rises ceteris paribusa what

Suppose the price of oranges rises. Ceteris paribus, a. What effects would that have on the market for orange juice? b. What would happen to the quantity demanded of oranges? c. What would happen to the price and quantit ...

During the winter of 2008-2009 the average utility bill for

During the winter of? 2008-2009, the average utility bill for residents of a certain state was ?$173 per month. A random sample of 30 customers was selected during the winter of? 2009-2010, and the average bill was found ...

A sample of 1000 us households is taken and the average

A sample of 1,000 U.S. households is taken and the average amount of newspaper garbage or recycling is found to be 27.8 pounds with a standard deviation of 2 pounds. Estimate, with 90% confidence, the mean amount of news ...

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