Louisiana State University, Shreveport ECON ECON 705 GlueTooth, the popular new startup company that manufacturers the…
GlueTooth®, the popular new startup company that manufacturers the world’s first-ever Bluetooth-enabled denture adhesive, estimated its short-run costs using a U-shaped average variable cost function of the form and obtained the following results. Total fixed cost (TFC) at GlueTooth® is $860.
|Adjusted R Square||0.439|
|Coefficients||Standard Error||t Stat||P-value|
a. What level of output (Q) is associated with the minimum AVC? What is the value of AVC at this minimum?
b. Determine equations for ATC, TC, and MC. Graph one scatterplot of Q vs. TC, and another scatterplot of Q vs. ATC, AVC, and MC.
c. When output is 14, how much is TC, AVC, ATC, and MC?
d. At what amount of output does labor change from exhibiting increasing returns to decreasing returns?
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