Economics ECON S - 1920 Chapter : Exam-Learning-Sheet-_Economics-and-Business-2021_

Given the total cost function TC(q) = 100 + 5q + 1/2q2, find an expression for

(a) Scale economies, S(q).

(b) For what values of q is S(q)<1, S(q)>1,S(q)=1?

Suppose the total benefit derived from a given decision, Q, is B(Q)=25Q-Q^2 and the corresponding total cost is C(Q) = 5 + Q^2 so that MB(Q) = 25 -2Q and MC(Q) = 2Q

A.)what is a total benefit when Q=2 when Q=10
B.)What is a marginal benefit when Q=2 when Q=10
C.) What level of Q maximizes total benefit?

I need help double-checking my homework please help if you can. Please also show how you arrived at the answer and everything

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Consider a firm with production function f(L, K)=2L+6K. Assume that capital is fixed at K=6. Then, the amount of labor necessary to produce q units is?

Consider a firm with production function f(L, K)= 4L^2/3K^1/3. Assume that capital is fixed at K=1. Assume also that the price of capital r=4 and the price of labor w=2. Then, the average cost of producing q units is?

Consider a firm with production function f(L, K)=3L^1/3K^2/3. Assume that capital is fixed at K=1. Assume also that the price of capital r=5 and the price of labor w=3. Then, the cost of producing q units is?