Home Random Page


CATEGORIES:

BiologyChemistryConstructionCultureEcologyEconomyElectronicsFinanceGeographyHistoryInformaticsLawMathematicsMechanicsMedicineOtherPedagogyPhilosophyPhysicsPolicyPsychologySociologySportTourism






Practice Assignment ¹ 5

 

I. The function of total costs is presented by definite equation in accordance to the individual variant. Its general view is TC=26+3Q+Q2 (Q is quantity of produced units). Follow the instructions below to do the tasks 1.1 – 1.6 using basic cost function:

1.1. Write the functions of fixed costs and variable costs:

FC =26 VC =3Q+Q2

1.2. Fill the gaps in the following schedule after calculating all the costs for every definite volume of output. Then calculate total revenue under the price equals $P:

Q FC, $ VC, $ TC, $ TR, $ Profit, $ Efficiencyecon Profitability
-26  
 
  1.44
  1.77
  1.92
  1.96

Make a conclusion about production unit activity, using such terms as economic efficiency and profitability:__________________________________________________

 

 

 

1.3. Plot the graph of FC, VC, TC, TR after choosing proper scale.

 

 

1.4. Write the functions of average total, average fixed and average variable costs:

ATC =26/Q + 3 + Q; AFC =26/Q; AVC = 3 + Q

1.5. Fill the gaps in the following schedule after calculating all the costs for every definite volume of output:

Q AFC, $ AVC, $ ATC, $ MC, $ P, $
         
         
         
         
         
         

1.6. Plot the graph of AFC, AVC, ATC, MC, P after choosing proper scale.

 

 

II. Find the analogous concepts in the theory of the firm.

Consumer theory Theory of the Firm
Total Utility Total Revenues
Marginal Utility Marginal Costs
Utility Function Costs Function
The law of diminishing marginal utility The law of diminishing marginal productivity
Consumption Production
Indifference curve Isoquant
Consumer budget  
Budget line Isocost
MRS  
Consumer’s Optimal choice  

 

 

VARIANT Total Cost function P, $
TC=25+2Q+3Q2
TC=20+2Q+2Q2
TC=15+3Q+2Q2
TC=35+2Q+Q2
TC=30+3Q+2Q2
TC=24+4Q+Q2
TC=12+6Q+4Q2
TC=60+2Q+Q2
TC=45+Q+Q2
TC=10+5Q2
TC=25+5Q+3Q2
TC=40+2Q+2Q2
TC=15+3Q2
TC=44+2Q+Q2
TC=5+3Q+2Q2
TC=26+3Q+Q2
TC=12+5Q+2Q2
TC=50+2Q+Q2
TC=18+2Q+Q2
TC=60+5Q2
TC=24+2Q+Q2
TC=15+2Q+Q2
TC=16+2Q+Q2
TC=22+4Q+2Q2
TC=40+2Q+Q2

INDIVIDAL ASSIGNMENT ¹ 6




Date: 2015-12-11; view: 777


<== previous page | next page ==>
Practice Assignment ¹ 2 | Insulators, conductors and semiconductors
doclecture.net - lectures - 2014-2024 year. Copyright infringement or personal data (0.007 sec.)