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  • Big Mike
    started a topic HOMEWORK HELP Thread

    HOMEWORK HELP Thread

    I made this thread woth inspiration from CutlerChris and his homework problems. Post problems with homework here and see if The Elders on these forums can help you with them.

  • Jcn92
    replied
    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, 08:44 PM.

    Leave a comment:


  • princefielder28
    replied
    Well, the z score = value - mean all over the standard deviation.

    u = 77.5
    o = 11.6

    Leave a comment:


  • Jcn92
    replied
    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.

    Leave a comment:


  • princefielder28
    replied
    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?

    Leave a comment:


  • Jcn92
    replied
    How do I do this problem, it's for Stat and I haven no idea where or how to start.

    Leave a comment:


  • Malaka
    replied
    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, 09:42 PM.

    Leave a comment:


  • jrdrylie
    replied
    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.

    Leave a comment:


  • Malaka
    replied
    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.

    Leave a comment:


  • Malaka
    replied
    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. :/

    Leave a comment:


  • Malaka
    replied
    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

    Leave a comment:


  • Bosanac01
    replied
    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.

    Leave a comment:


  • WCH
    replied
    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).

    Leave a comment:


  • jrdrylie
    replied
    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.

    Leave a comment:


  • Malaka
    replied
    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.

    Leave a comment:

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