Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 12 Jun 2017 My Price 11.00

costs of electricity generation

A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function

AVC = 1.24 + .0033Q +.0000029Q^2 - .000046QZ - .026Z + .00018Z^2

Where AVC=average variable cost(i.e., working costs of generation), measured in pence per kilowatt-hour(kWh). (A pence was a British monetary unit equal, at that time, to 2 cents U.S.)

Q= output, measured in millions of kWh per year

Z= plant size, measured in thousands of kilowatts

A.Determine the long-run variable cost function for electricity generation.

B.Determine the long-run marginal cost function for electricity generation.

C.Holding plant size constant at 150,000 kilowatts, determine the short-run average variable cost and marginal cost functions for electricity generation.

D.For a plant size equal to 150,000 kilowatts, determine the output level that minimizes short-run average variable costs.

E.Determine the short-run average variable cost and marginal cost at the output level in Part (d).

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jun 2017 05:06 PM My Price 11.00

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