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A study of costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: 16AVC = 1.24 + .0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2Where AVC = average variable costs of generation (i.e., working costs of generation), measured in pence per kilowatt-hour (kWh) (A pence was a British monetary unit equal, at that time, to 2 cents U.S.)Q = output, measured in millions of kWh per yearZ = plant size, measured in thousands of kilowattsa. Determine the long-run variable cost function for electricity generation.b. Determine the long-run marginal cost function for electricity generation.c. Holding plant size constant at 150,000, kilowatts, determine the short-run average variable cost and marginal cost functions for electricity generation.d. For a plant size equal to 150,000 kilowatts, determine the output level that minimizes short-run average variable costs.e. Determine the short-run average variable cost and marginal cost at the output level obtained in part (d).
Suppose there is a market for an industrial compound, Weon. This industrial compound is used as an input for production of cleaning agents.
How much effort do the students exert in the Nash equilibrium of the game introduced by Amalia and what value for the cake induces the students to exert the efficient effort level
An increase in consumer incomes will lead to a rightward shift of the demand curve for plasma TVs and the price of automobiles were to increase substantially, the demand curve for gasoline would most likely
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The government levies an excise tax of five cents per unit sold on sellers in a competitive industry. Supply and demand curves have some elasticity with respect to value.
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Suppose M = $80,000, PR = $30, T = 5, PE = $12, and N = 6,000. Using these, compute and write the direct demand function for Good A. Show your math. Watch the decimals! The coefficient on M is 0.02 and the coefficient on N is .4
Determine the difference between Total Variable Costs (TVC), Average Variable Costs (AVC) and Marginal Costs (MC).
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