Question concerning ECON. problem
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  1. #1
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    Question concerning ECON. problem

    Looking for someone to point me in the right directions concenring the questions below...thanks for any help

    You hire an intern from Iowa State to help you analyze your production process, and she uses your historical cost records to estimate that your total cost function is CQ = 100 + 2Q + 3Q2. Using this equation, answer the following and show your logic and calculations.
    a. How much is your firmís profit or loss at an output of zero? Explain.
    b. With the above cost equation, average total costs (ATC), first decline as output increases, and then begin to rise. Assuming output occurs in whole units, i.e. 1, 2,3,Ö at what output does the low point of ATC occur and what is the ATC at that output? Show your calculations.
    c. What is the variable cost of an output of 50?
    d. What are Average Fixed Costs (AFC) at a production level of 10?



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    Re: Question concerning ECON. problem

    Any introductory microeconomics book will have that.

    Can you use calculus? That makes some of them a bit easier. If not, excel works great too



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    Re: Question concerning ECON. problem

    Also, the econ help room is free to use



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    Re: Question concerning ECON. problem

    do you own ******* homework


    read this post quickly - it might not last long

  5. #5
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    Re: Question concerning ECON. problem

    Quote Originally Posted by 2forISU View Post
    Looking for someone to point me in the right directions concenring the questions below...thanks for any help

    You hire an intern from Iowa State to help you analyze your production process, and she uses your historical cost records to estimate that your total cost function is CQ = 100 + 2Q + 3Q2. Using this equation, answer the following and show your logic and calculations.
    a. How much is your firmís profit or loss at an output of zero? Explain.
    b. With the above cost equation, average total costs (ATC), first decline as output increases, and then begin to rise. Assuming output occurs in whole units, i.e. 1, 2,3,Ö at what output does the low point of ATC occur and what is the ATC at that output? Show your calculations.
    c. What is the variable cost of an output of 50?
    d. What are Average Fixed Costs (AFC) at a production level of 10?
    a. 100
    b. Not going to do that work
    c. 100+7500=7600
    d. 10


    It's all snark from here on out

  6. #6
    DistrictCyclone
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    Re: Question concerning ECON. problem

    My "pointing you in the right direction" advice is to A) go to class, and B) don't sleep of **** around. Seriously, this is basic econ 101 stuff--if you don't "get it" by now, you need to re-read whatever you've been assigned over the last few weeks.



  7. #7
    DistrictCyclone
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    Re: Question concerning ECON. problem

    Quote Originally Posted by Tre4ISU View Post
    a. 100
    b. Not going to do that work
    c. 100+7500=7600
    d. 10
    Not correct; don't copy these. Actually, do...it might be a valuable lesson.



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    Re: Question concerning ECON. problem

    Quote Originally Posted by DistrictCyclone View Post
    Not correct; don't copy these. Actually, do...it might be a valuable lesson.
    Damn you


    It's all snark from here on out

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