Answer:
The computation of given question is shown below:-
Explanation:
One year ago
Quantity supplied = 600 + 4P
Quantity demanded = 9,000 - 8P
600 + 4P = 9000 - 8P
Price one year ago = $700
Quantity one year ago = 3,400
Current market:-
Quantity supplied = 4200 + 4P
Quantity demanded = 9,000 - 8P
4,200 + 4P = 9,000 - 8P
Price for current market = $400
Quantity for current market = 5,800
C(Q) = 1,200 + 15Q2
A representative firm in a competitive market would produce steel where MC = P
MC = dC ÷ dQ = 30Q
The raw steel does a representative firm produce when the market price is $700
30Q = 700
Q = 23.33
The raw steel does a representative firm produce when the market price is $400
30Q = 400
Q = 13.33
Answer:
a. Average total cost minus average fixed cost.
Explanation:
- Total cost of production (TC) can be expressed as the sum of two elements: total fixed cost (F) -those cost that do not vary with output level - and total variable cost (V) - which are those cost that vary with the level of production.
- Average total cost (ATC) is simply the division of total cost by the output produced (Q):
. - Average variable cost (AVC) is the division of variable cost by the output produced:
. - Then, average variable cost can be obtained by :
- dividing the total variable cost by output (option c) or
- subtracting to average total cost the fixed average cost (
), (option a).
The amount paid for the discount points is $2,700
What do 3 points on the loan mean?
The 3 points mean that the borrower needs to pay 3% of the loan amount in order to enjoy a lower interest on the mortgage loan, in other words, the amount paid for the discount points is 3% of the loan amount of $90,000
amount paid for the discount=points*loan amount
loan amount=$90,000(not $120,000 which is the property purchase price)
amount paid for the discount=3%*$90,000
amount paid for the discount=$2,700
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