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: 898
| <== previous page | | | next page ==> |
| Practice Assignment ¹ 2 | | | Insulators, conductors and semiconductors |