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Answer to Question #67927 in Microeconomics for Tolga Turan
Question #67927
TC=250+60Q-3Q2+0.10Q3 W-where TC is total cost and Q is quantity of output produced.
a)Write an algebraic expressions for the Average Total Cost ?
b)Determine the output level where AVC costs are minimized ?
c)Determine the output level where marginal cost are minimized ?
a)Write an algebraic expressions for the Average Total Cost ?
b)Determine the output level where AVC costs are minimized ?
c)Determine the output level where marginal cost are minimized ?
Expert's answer
a)ATC=250/Q+60-3Q+0.1
b)=-3+0.2Q
-3+0.2Q=0
Q=7.46
c)MC=60-6Q+0.2
-6+0.4Q
-6+0.4Q=0
Q=15
b)=-3+0.2Q
-3+0.2Q=0
Q=7.46
c)MC=60-6Q+0.2
-6+0.4Q
-6+0.4Q=0
Q=15
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Supply Function Q= 15.000+350P Demand Function Q= 35.000-150P Cost Function: TC=40+2Q a)Find the Marginal Revenue of this firm b)Find the Marginal Cost of this firm c)Find the optimal output of this firm d)Find the total revenue and profit of this firm e)In a perfectly competitive market, firms earn zero profit in the long run. Why do firms stay in business if profit is zero ?
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