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  • I'm going to be taking Heat Transfers as well. No compressible fluid flow, i hear its crazy. Fluid mechanics/flow, was pretty interesting, but then they like kick it up a few to many knotches since you have to work with a system of flow on something, like air hitting turbine blades and how they are shaped and what not, matrix lots of them.

    I took random electives, like intro to bioengineering, photovolotic systems, advance thermo, HVAC(super easy class and very to the point of look up in table, find right equations combine). Still not sure what I want to do, might end up going for MBA in project management.

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    • So I am taking my first economics course in college... and well my first test came back an 80. I am a little disappointed by that, but anyway short-run and long run cost minimization is really giving me problems.

      I have not taken calculus, so the derivative stuff is beyond me, but my professor focuses on that method so I am falling behind... the drop date was yesterday so now I am stuck. I fear the worst (which also includes me switching my major from business to something less math orientated)... worst part is I have no exercises or resources to practice with.

      Would anyone like to spare some time to help me out? Any economics majors?

      I would really appreciate it.

      Bone Krusher, the best

      Comment


      • I was an economics major although I didn't do too much with cost minimization in my studies. I also have some background in calculus so I might be able to help. Post the problem and I'll see if I know how to do it.

        Originally posted by SolidGold
        Bortlezzzzzzz
        Originally posted by Monomach
        Brilliant letting one of Scott Pioli's henchmen have his own team to ruin.  One of the premier GM jobs in the NFL and it gets handed to a stupid **** who makes three facepalm moves for every good one.  Awesome.  Just like handing a new Mercedes to a 16 year old girl who's already been in three wrecks. 

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        • Originally posted by Malaka View Post
          So I am taking my first economics course in college... and well my first test came back an 80. I am a little disappointed by that, but anyway short-run and long run cost minimization is really giving me problems.

          I have not taken calculus, so the derivative stuff is beyond me, but my professor focuses on that method so I am falling behind... the drop date was yesterday so now I am stuck. I fear the worst (which also includes me switching my major from business to something less math orientated)... worst part is I have no exercises or resources to practice with.

          Would anyone like to spare some time to help me out? Any economics majors?

          I would really appreciate it.
          Get this book: Quick Calculus: A Self Teaching Guide. You might be able to find it in the library. It was written for MIT freshmen majoring in physics who needed a crash course in Calculus because they hadn't taken it in HS. It can get you to speed on differential calculus within a few days (if you're solid with Algebra).

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          • Economics is simple stuff. I'm a business major myself, it's not fun but just ask question and stick with it, it always makes sense.

            Sig by: BK

            02:40 *** Chucky quit #nfldraftcountdown
            02:40 <vidae> yay, hes gone
            02:40 *** Chucky joined #nfldraftcountdown
            02:40 <vidae> aww hes back
            Originally posted by fenikz
            we all hate you

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            • Originally posted by jrdrylie View Post
              I was an economics major although I didn't do too much with cost minimization in my studies. I also have some background in calculus so I might be able to help. Post the problem and I'll see if I know how to do it.
              That's the thing... I have no problems... no exercises... I can't practice. Meanwhile I am here on a Friday night trading time that I could be enjoying myself trying instead to improve myself.

              My textbook just has zero numerical examples or problems. I just have like two numerical equations he did on the board, and they are already solved. I understand the concept of

              MPL/w = MPK/r
              and
              Q= F(L,K)

              I guess I'll just make one up then...

              (Long run example)
              F(L,K)= sqrt of 3L x K
              w= $9
              r= 12$



              Short Run Example k is constant

              F(L,K)= sqrt of K x L
              w= $5
              r= $10
              K= $40

              Bone Krusher, the best

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              • Originally posted by Bosanac01 View Post
                Economics is simple stuff. I'm a business major myself, it's not fun but just ask question and stick with it, it always makes sense.
                I understand the graphs and concepts and the general idea... then when we get into the equations and formulas I just get lost. :/

                Bone Krusher, the best

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                • A wheat farmer has total production costs given by the equation TC=600+2Q, where Q is output, measured in bushels of wheat.

                  a. What is the farmer's marginal cost (MC) of production?
                  b. What is the farmer's fixed cost? Give some examples of what costs might be fixed for a wheat farmer.
                  c. Write the equation giving the farmer's variable cost as a function of quantity. What are examples of
                  variable costs for a farmer?
                  d. Write the equations for the farmer's average total cost (ATC) and average variable cost (AVC).

                  Here is an actual one I got for homework, if anyone is willing to give it a go.

                  Bone Krusher, the best

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                  • a. Marginal cost is $2 because marginal cost is the cost of producing one more unit. So each time Q increases by one, TC increases by $2.

                    b. Fixed cost is $600 because even if Q=0, the cost to the farmer is still $600. An example of a fixed cost is the mortgage he pays for his farm. Others might be salaries of non-hourly employees.

                    c. Variable cost I believe is just total costs minus fixed costs. So the formula is VC=TC-FC. For example, lets say the farmer produces 200 bushels (Q) of wheat. FC=$600. Q=200. So 600 + 2(200) = 1000 and thus variable costs are 400.

                    Variable costs include wheat seeds, labor costs, gasoline for the tractor, water bill used to water the land.

                    d. Average total cost is just total cost divided by Q. So it would be (600+2Q)/Q. In the example I used of Q = 200. That would be 1000/200, so ATC would be $5. AVC would just be $2 because this is a linear equation.

                    Originally posted by SolidGold
                    Bortlezzzzzzz
                    Originally posted by Monomach
                    Brilliant letting one of Scott Pioli's henchmen have his own team to ruin.  One of the premier GM jobs in the NFL and it gets handed to a stupid **** who makes three facepalm moves for every good one.  Awesome.  Just like handing a new Mercedes to a 16 year old girl who's already been in three wrecks. 

                    Comment


                    • Originally posted by jrdrylie View Post
                      a. Marginal cost is $2 because marginal cost is the cost of producing one more unit. So each time Q increases by one, TC increases by $2.

                      b. Fixed cost is $600 because even if Q=0, the cost to the farmer is still $600. An example of a fixed cost is the mortgage he pays for his farm. Others might be salaries of non-hourly employees.

                      c. Variable cost I believe is just total costs minus fixed costs. So the formula is VC=TC-FC. For example, lets say the farmer produces 200 bushels (Q) of wheat. FC=$600. Q=200. So 600 + 2(200) = 1000 and thus variable costs are 400.

                      Variable costs include wheat seeds, labor costs, gasoline for the tractor, water bill used to water the land.

                      d. Average total cost is just total cost divided by Q. So it would be (600+2Q)/Q. In the example I used of Q = 200. That would be 1000/200, so ATC would be $5. AVC would just be $2 because this is a linear equation.
                      The thing is he doesn't give me Q. VC = wages x labor + rent x capital. For C I don't know how to set up the equation for it.

                      Also are you sure I can just set Q to 0 to find MC and FC?

                      EDIT: For instance look at question 16

                      16. A local microbrewery has total costs of production given by the equation TC=500+10Q+5Q^2

                      This implies that the firm's marginal cost is given by the equation MC = 10 +10Q.
                      a. Write the equations showing the brewery's average total cost and average variable cost, each as a
                      function of Q.
                      b. Show the firm's MC, ATC and AVC on one graph.
                      c. What is the quantity produced at which the firm’s ATC is minimized?
                      d. What is the quantity produced at which the firm’s AVC is minimized?

                      It implies the MC = 10+10Q

                      *By the way these are just practice problems, you aren't just doing my homework for me I. I just legitimately need help.
                      Last edited by Malaka; 07-21-2012, 08:42 PM.

                      Bone Krusher, the best

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                      • How do I do this problem, it's for Stat and I haven no idea where or how to start.

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                        • Originally posted by Jcn92 View Post
                          How do I do this problem, it's for Stat and I haven no idea where or how to start.
                          Is there a question before this one? Which value are you looking for the z-score for?


                          Follow me on Twitter! http://twitter.com/#!/aMo_Captain

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                          • Originally posted by princefielder28 View Post
                            Is there a question before this one? Which value are you looking for the z-score for?
                            The question before is a multiple choice one that doesn't relate to this one. Here's what the whole problem looks like.

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                            • Well, the z score = value - mean all over the standard deviation.

                              u = 77.5
                              o = 11.6


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                              • The answer was 1 and 0 for some reason. Idk.

                                This is an example of another problem. I don't get how they get 59.6.
                                Last edited by Jcn92; 04-21-2014, 07:44 PM.

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