Following is the information available for Bubble Gums produced by Bano and Co. Output (Q)   Labour (L)   Capital (K)   Price 0   0   5   10 100   1   5   10 300   2   5   10 600   3   5   10 800   4   5   10 950   5   5   10 1,080   6   5   10 1,120   7   5   10 1,120   8   5   10 1,050   9   5   10 1.000   10   5   10 ⦁   Define the production function in long run and short run.      ⦁   Find MPL and APL and exhibit it graphically.               ⦁   Identify all three stages of production.                    ⦁   Assume you are the Economist for Bano and Co. decide how many labour would you hire to attain the firm’s objective and why.   Please aanswer all sir.. I have no more question sir please sir answer all

Q: For a producer under complete competition, the following production function applies. Q = F (K, L)…

A: Q = 4L L = 0.25Q When Q = 50, L = 12.5 Total cost (TC) = wL + rK TC = 10 x 12.5 + 5 x 4 TC = 125 +…

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A: Total cost is the sum of fixed cost and variable cost. Fixed cost remains same at all levels of…

Q: Labor (workers) Output 0. 1 20 2 50 70 4 80 85 The table shows daily output for small pizzeria based…

A: Answer: Explanation: The formula of calculating average cost is as follows Average cost = Total cost…

Q: In the graph below, you can see the iso-cost curve and the iso-quant curve for the firm to produce q…

A: the iso-cost curve is his budget line. An iso-cost line is a graph that depicts numerous input…

Q: Explain the difference between fixed costs, sunk costs and variable costs. Provide an example that…

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Q: Given the following short run production cost schedule:   Short Run Total Cost Function…

A: Quantity produced Total cost($) Average total cost($) Marginal cost($) 0 20 0 0 10 27 2.7 0.7…

Q: In the figure below, the firm's initial average total cost curve is SRAC with an initial marginal…

A: A firm in competitive market produces output at Price equals marginal cost.

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A:

Q: Rasiah's Garden of fruit is a firm selling fruits in a perfectly competitive market. Total fixed…

A: "Since you have asked multiple parts, we will answer only the first part for you. If you have any…

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Q: Suppose a firm's cost function is C(q) = 4q² + 16, where C(q) is the total cost, and q is the level…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: The table below presents production data for a particular firm. 1) Use formulas/calculation in excel…

A: Total Fixed Cost = Total Cost - Total Varible Cost Total Fixed Cost = Total Cost - Total Varible…

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Q: In the short run, when the output of a firm increases, its average fixed cost

A: To find : What will be average fixed cost.

Q: Use the variable cost information in the following table to caleulate average variable cost and…

A: 1.   Total Cost = Fixed Cost + Variable Cost   Average Total Cost = Total Cost Quantity   Average…

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Q: Given the following short run production cost schedule:   Short Run Total Cost Function…

A: Given: To Find: The marginal cost of producing the first 10 units of output

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A: No. of factories Q=100 Q=200 Q=300 Q=400 Q=500 Q=600 1 260 200 160 200 280 400 2 330 240 160 160…

Q: Suppose a firm's cost function is C(q)= 4q² + 16, where C(q) is the total cost, and q is the level…

A: (c) The total cost function is given and the marginal cost can be calculated by derivation the total…

Q: Suppose a firm’s cost function is C(q) = 4q 2 + 16, where C(q) is the total cost, and q is the level…

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Q: Henry bakes loaves of bread, which he sells for $5 each. He is considering purchasing additional…

A: The market is competitive so, the price of good is given and equals to $5. MP(L=2) = TP(L=2)-TP(L=1)…

Q: Following is the information available for Bubble Gums produced by Bano and Co. Output (Q) Labor…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3.Please resubmit the question…

Q: Each graph below illustrates three short run cost curves for firms, where ATC is Average Total Cost…

A: Marginal Cost is the additional cost received by selling one more unit of output. MC is the…

Q: Assume that the cost data in the following table are for a purely competitive producer: Total…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Consider a production process where flowers are grown​ (the output) using gardeners​ (labor) and…

A: The total cost of production can be viewed as an aggregate of all fixed and variable costs that are…

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A: *ANSWER :-

Q: a) Derive the total cost function, then find the firm’s average variable cost, average fixed cost,…

A: Since you have asked multiple questions under each sub-part, we will answer only the foremost…

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A: Fixed cost is that cost which are not depend on the quantity. It's remains same at any output level.…

Q: ATC 30 AVC 20 MC 10 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of pans per day) In the short…

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Q: Show that for a profit-maximizing firm producing at its optimal quantity, y∗, its average total…

A: The cost incurred by a producer on the production of each specific unit of good or service produced…

Q: A train track runs through a rancher's land. Each time a train runs on the track, it causes one of…

A: since you have asked a multipart question and according to our policy we can only solve the first 3…

Q: Suppose a factory's marginal cost has a minimum value of $2; its average variable cost has a minimum…

A: find below the answer.

Q: Assume that the cost data in the following table are for a purely competitive producer: Average…

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Q: A firm's fixed costs for 0 units of output and its average total cost of producing different output…

A: To fill out this table we need to use the following formulas: Total cost=Average total…

Q: The table below provides the total variable cost for a firm. Quantity of Output Total Variable Cost…

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Q: In the diagram above, when the firm's Output (Q) is 20, Average Variable Cost (AVC) is: $17.50 $7.50…

A: Average variable cost refers to the per-unit total variable cost i.e. AVC = TC/Q

Q: 4. Rasiah's Garden of fruit is a firm selling fruits in a perfectly competitive market. Total fixed…

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.