The marginal cost of producing the third unit of output is

Q: A firm’s marginal cost curve above the average variable cost curve is equal to the firm’s individual…

A: The marginal cost defines the cost that a producer incurs to produce an additional unit. After a…

Q: Consider the following data: equilibrium price is 9.50, the quantity of output produced is1,000…

A: It is given : Price= 9.50 Quantity of output produced = 1000 units Average total cost = 8  Average…

Q: Suppose you own a television factory and at your current level of output, you have average total…

A: Meaning of Average Total Cost (ATC): The term average total cost refers to the addition of the…

Q: Q5: If the marginal cost (MC) of a firm is a function of output, C'( Q) = 10e0.5Q , and if the fixed…

A: If we have the marginal cost function, we can integrate to find the total cost. MC= 10e0.5Q…

Q: Imagine a firm in a competitive market comes up with a new production method, which halves its…

A: Perfect competition market is the market where large numbers of sellers and buyers are exchanging…

Q: Given a cost function C(x) = x 2 +50x+200 and a demand curve p = 200 − 2x, find the number of units…

A: Profits are the excess of revenue receipts over the costs incurred in the production of activities.

Q: draw the marginal and average cost curves of companies p and q where Firm p: Cost= 4Q Firm q: Cost =…

A: Answer -    Average Cost = Average cost is cost per unit  Marginal cost = It is the cost a firm…

Q: The cost function of producing Q units of good s.t:

A: ‘Total cost’: ‘Total cost’ is the amount that includes all the expenses that are paid to produce a…

Q: A furniture producer sells a chair for $95. The marginal cost to produce that chair is $95. The…

A: Introduction Marginal Cost  The cost of producing extra unit of quantity is called marginal cost.

Q: Average fixed costs of production will rise at a fixed rate as more is produced. appear as a…

A: In microeconomics, the average fixed expense is the fixed expenses associated with the production…

Q: A college professor at LeTall University, Professor Lai, makes mountains out of molehills. The…

A: Option 1 talks about the production requirement. It explains how many units of molehills (used as…

Q: A manufacturer estimates that its variable cost for manufacturing a given product is given by the…

A: Marginal cost is the cost of producing an additional unit of output .

Q: Marginal cost is given by the function :- 2Q2 - 130 And the equilibrium quantity is 10 so…

A: # Marginal cost measures the degree of change taking place in total cost of the firm.

Q: (a) The revenue from selling q items is R(q) = 50q - q 2 and the total cost is C(q) = 15 + 10q i.…

A: Given: R(q) = 50q - q2C(q) = 15 + 10q   (i) Fixed cost is that component of total cost function that…

Q: Refer to the figure below. If the firm is producing the level of output that maximizes profit, its…

A: Answer:  To find= total variable cost at the equilibrium. Equilibrium is a point where Marginal cost…

Q: The graph shows the cost curves are they profit maximizing firm in a competitive market. If the…

A: In a competitive market, there are a large number of sellers and buyers who have full information…

Q: f the total revenue and total cost of a business are given by the following functions. what is the…

A: Answer is given below

Q: The table shows the marginal cost C'00, the marginal revenue R'(x) for producing x items. The third…

A: Marginal cost(MC) is the addition to cost in producing one more unit of output. Marginal revenue(MR)…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: The sunk costs are the expenditure incurred by a firm or business that is non-recoverable or on…

Q: A watch manufacturer finds that at 1,000 units of output, its marginal costs are below average total…

A: In business, the average total cost, or ATC, is the sum of all product costs divided by the volume…

Q: Output Total Cost 8) $10 20 28 3. 38 4 53 73 6. 98 Refer to the provided table. The total fixed cost…

A: Since you have asked multiple questions, we have answered the first question for you. If you want…

Q: A manager hires labor and rents capital equipment in a very competitive market. Currently the wage…

A: Given wage rate (w) = $12Capital rent (r) = $8Marginal product of labor (MPL) = 60 unitsMarginal…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Costs are the expenses that a business or a firm incurs in its production activities. It is an…

Q: (i) The MC of producing a certain good is given by the following function. Determine constants A and…

A:

Q: Consider the table below that describes the costs associated with producing a good (Q). Q Total…

A: Marginal cost of Q is equals to TC (Q) - TC(Q-1) So, MC(Q=2) = TC(Q=2) - TC(Q=1)

Q: If the marginal revenue of the next widget a firm produces is $100 and its marginal cost is $110, a…

A: Marginal revenue: It is earned by producing an additional unit of a good or service.

Q: Suppose that the cost, in dollars, for a company to produce x pairs of a new line of jeans is…

A: Given  Cost Function C(x)=7000+6x+0.01x^2+0.0002x^3

Q: The cost function for Acme Laundry is ​C(q)=50+30q+q2​, where q is tons of laundry cleaned.…

A: In economics, profit maximization is the short run or long run process by which a firm may determine…

Q: The cost function for Acme Laundry is C(q) = 50 + 30q + q°, where q is tons of laundry cleaned. What…

A: Solution: Profits are maximized at the output level where MC = MR. MC is the first order derivative…

Q: Marginal cost is given by the slope of total variable cost (TVC) curve, but not the slope of the…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Suppose the production process for running shoes is given by q = 10KL where q is the number of pairs…

A: A production function in economics describes the technological relationship between the quantities…

Q: The manager of a T-shirt stand found that the cost to produce 10 T-shirts is $105.68, while the cost…

A: Marginal cost is the net addition made to the total cost by producing one more unit of the output .…

Q: Consider the table below that describes the costs associated with producing a good (Q). Q Total…

A: Average total cost is the total cost divided by units of output.

Q: Companies can typically maximize their profits by operating at the minimum average total cost…

A: The answer to above is false.

Q: The marginal cost (MC) curve of a supplier will intersect the average total cost (ATC) curve:

A: MC is the marginal cost. It is the change in the total cost due to production of additional unit of…

Q: The marginal cost of producing the xth box of light bulbs is 4 + dollars per box. Determine how much…

A: Given: Marginal Cost (MC)of xth element : 4+x^2/1000 dollars per box Total Cost(TC) of xth element:…

Q: When the marginal cost is lesser than the average cost the firm is producing in which…

A: Costs are the expenses that firms incur in the production of goods and services.

Q: The following statement describes which source of low costs? “The more the firm has ever made, the…

A: Given :  The more the firm has ever made, the better it gets at making.

Q: Explain why marginal costs increase above some level of production in the short run.

A: The marginal cost is the additional cost incurred from producing one additional unit of goods and…

Q: The joint cost, in dollars, for two products is given by C(x, y) = xVy2 + 11. (Round your answers to…

A: Marginal cost is the cost of additional unit produced . To find the marginal cost we need to take…

Q: Economists assume that by pursuing a strategy of cost minimization of production, most firms try to…

A: The producer can have either profit maximization motive or cost minimization motive. The cost…

Q: are likely a fixed cost of a firm. A Utility costs B The costs of raw materials used in production

A: Total cost encompasses the fixed cost as well as a variable cost. However, in the long run, there is…

Q: Which of the following statements correctly explains the average cost and the marginal cost of…

A: Marginal cost refers to additional cost that incurs from producing one more unit of output.