Results 1 to 8 of 8
  1. #1
    Pro
    Points: 35,538, Level: 58
    Level completed: 8%, Points required for next Level: 1,112
    Overall activity: 7.0%
    Achievements:
    Veteran25000 Experience Points

    Join Date
    Oct 2008
    Posts
    3,299
    Points
    35,538
    Level
    58
    Thumbs Up
    Received: 91
    Given: 39

    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?



  2. #2
    Recruit
    Points: 2,029, Level: 12
    Level completed: 60%, Points required for next Level: 121
    Overall activity: 0%
    Achievements:
    1 year registered1000 Experience Points
    Turbo's Avatar
    Join Date
    Jan 2011
    Location
    Ames
    Posts
    87
    Points
    2,029
    Level
    12
    Thumbs Up
    Received: 0
    Given: 0

    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



  3. #3
    Recruit
    Points: 2,029, Level: 12
    Level completed: 60%, Points required for next Level: 121
    Overall activity: 0%
    Achievements:
    1 year registered1000 Experience Points
    Turbo's Avatar
    Join Date
    Jan 2011
    Location
    Ames
    Posts
    87
    Points
    2,029
    Level
    12
    Thumbs Up
    Received: 0
    Given: 0

    Re: Question concerning ECON. problem

    Also, the econ help room is free to use



  4. #4
    Starter
    Points: 74,715, Level: 84
    Level completed: 93%, Points required for next Level: 135
    Overall activity: 0%
    Achievements:
    Veteran50000 Experience Points
    Cyballz's Avatar
    Join Date
    Aug 2009
    Posts
    880
    Points
    74,715
    Level
    84
    Thumbs Up
    Received: 41
    Given: 15

    Re: Question concerning ECON. problem

    do you own ******* homework


    read this post quickly - it might not last long

  5. #5
    Speechless
    Points: 358,800, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 13.0%
    Achievements:
    SocialYour first GroupRecommendation Second ClassVeteran50000 Experience Points
    Tre4ISU's Avatar
    Join Date
    Dec 2008
    Location
    Estherville
    Posts
    19,007
    Points
    358,800
    Level
    100
    Thumbs Up
    Received: 380
    Given: 55

    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


    I'm on Twitter too: Tre4ISU

    Or so I have read.

  6. #6
    DistrictCyclone
    Guest

    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
    Guest

    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.



  8. #8
    Speechless
    Points: 358,800, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 13.0%
    Achievements:
    SocialYour first GroupRecommendation Second ClassVeteran50000 Experience Points
    Tre4ISU's Avatar
    Join Date
    Dec 2008
    Location
    Estherville
    Posts
    19,007
    Points
    358,800
    Level
    100
    Thumbs Up
    Received: 380
    Given: 55

    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


    I'm on Twitter too: Tre4ISU

    Or so I have read.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
  • TV: FOX
  • Iowa State vs. Baylor
  • September 27, 2014
  • 07:20 PM