Question 1

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 3s2 + 108. If the price he receives for repairing a car is $24, then in the long run, how many cars will he fix per week if he maximize profits?

Accepted Answer

A)   0
B)   4
C)   6
D)   8
E)   12 A

Question 2

A firm has a long-run cost function, C(q) = 8q2 + 288. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

Accepted Answer

A)   $200.
B)   $192.
C)   $96.
D)   $48.
E)   $101. C

Question 3

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 3s2 + 108. If the price he receives for repairing a car is $24, then in the long run, how many cars will he fix per week if he maximize profits?

Accepted Answer

A)   0
B)   8
C)   4
D)   6
E)   12 A

Question 4

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 3s2 + 75. If the price he receives for repairing a car is $36, then in the long run, how many cars will he fix per week if he maximize profits?

Accepted Answer

A)   0
B)   12
C)   9
D)   6
E)   18

Question 5

A firm has a long-run cost function, C(q) = 8q2 + 72. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

Accepted Answer

A)   $48.
B)   $104.
C)   $96.
D)   $24.
E)   $53.

Question 6

A firm has a long-run cost function, C(q) = 9q2 + 9. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

Accepted Answer

A)   $36.
B)   $44.
C)   $9.
D)   $18.
E)   $23.

Question 7

In Problem 9, suppose that Irma's production function is f(x1, x2)  . If the price of factor 1 is w1 = $5 and the price of factor 2 is w2 = $15, then her supply function is given by the equation

Accepted Answer

A)   S(p)  = p(max{w1, 3w2} ) 2.
B)   S(p)  = p(min{w1, 3w2} ) 2.
C)   S(p)  = 10p.
D)   S(p)  =.
E)   S(p)  = min{ 5p, 45p}.

Question 8

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 2s2 + 50. If the price he receives for repairing a car is $8, then in the long run, how many cars will he fix per week if he maximize profits?

Accepted Answer

A)   2
B)   0
C)   4
D)   3
E)   6

Question 9

In Problem 9, suppose that Irma's production function is f(x1, x2)  . If the price of factor 1 is w1 = $3 and the price of factor 2 is w2 = $9, then her supply function is given by the equation

Accepted Answer

A)   S(p)  = p(min{w1, 3w2} ) 2.
B)   S(p)  = 6p.
C)   S(p)  =.
D)   S(p)  = p(max{w1, 3w2} ) 2.
E)   S(p)  = min{ 3p, 27p}.

Question 10

A firm has a long-run cost function, C(q) = 3q2 + 108. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

Accepted Answer

A)   $72.
B)   $80.
C)   $36.
D)   $18.
E)   $41.

Question 11

A firm has a long-run cost function, C(q) = 4q2 + 4. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

Accepted Answer

A)   $8.
B)   $4.
C)   $24.
D)   $16.
E)   $13.

Question 12

In Problem 9, suppose that Irma's production function is f(x1, x2)  . If the price of factor 1 is w1 = $2 and the price of factor 2 is w2 = $15, then her supply function is given by the equation

Accepted Answer

A)   S(p)  =.
B)   S(p)  = p(max{w1, 3w2} ) 2.
C)   S(p)  = p(min{w1, 3w2} ) 2.
D)   S(p)  = 7p.
E)   S(p)  = min{ 2p, 45p}.

Question 13

In Problem 9, suppose that Irma's production function is f(x1, x2)  . If the price of factor 1 is w1 = $2 and the price of factor 2 is w2 = $6, then her supply function is given by the equation

Accepted Answer

A)   S(p)  = p(max{w1, 3w2} ) 2.
B)   S(p)  = 4p.
C)   S(p)  = p(min{w1, 3w2} ) 2.
D)   S(p)  =.
E)   S(p)  = min{ 2p, 18p}.

Question 14

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 2s2 + 18. If the price he receives for repairing a car is $8, then in the long run, how many cars will he fix per week if he maximize profits?

Accepted Answer

A)   4
B)   0
C)   3
D)   2
E)   6

Question 15

In Problem 9, suppose that Irma's production function is f(x1, x2)  = . If the price of factor 1 is w1 = $3 and the price of factor 2 is w2 = $6, then her supply function is given by the equation

Accepted Answer

A)   S(p)  = 6p.
B)   S(p)  =.
C)   S(p)  = p(min{w1, 2w2} ) 2.
D)   S(p)  = p(max{w1, 2w2} ) 2.
E)   S(p)  = min{ 3p, 12p}.

Exam 21: A: Firm Supply

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 3s² + 108. If the price he receives for repairing a car is $24, then in the long run, how many cars will he fix per week if he maximize profits?

A firm has a long-run cost function, C(q) = 8q² + 288. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 3s² + 108. If the price he receives for repairing a car is $24, then in the long run, how many cars will he fix per week if he maximize profits?

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 3s² + 75. If the price he receives for repairing a car is $36, then in the long run, how many cars will he fix per week if he maximize profits?

A firm has a long-run cost function, C(q) = 8q² + 72. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

A firm has a long-run cost function, C(q) = 9q² + 9. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

In Problem 9, suppose that Irma's production function is f(x₁, x₂) . If the price of factor 1 is w₁ = $5 and the price of factor 2 is w₂ = $15, then her supply function is given by the equation

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 2s² + 50. If the price he receives for repairing a car is $8, then in the long run, how many cars will he fix per week if he maximize profits?

In Problem 9, suppose that Irma's production function is f(x₁, x₂) . If the price of factor 1 is w₁ = $3 and the price of factor 2 is w₂ = $9, then her supply function is given by the equation

A firm has a long-run cost function, C(q) = 3q² + 108. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

A firm has a long-run cost function, C(q) = 4q² + 4. In the long run, this firm will supply a positive amount of output, as long as the price is greater than

In Problem 9, suppose that Irma's production function is f(x₁, x₂) . If the price of factor 1 is w₁ = $2 and the price of factor 2 is w₂ = $15, then her supply function is given by the equation

In Problem 9, suppose that Irma's production function is f(x₁, x₂) . If the price of factor 1 is w₁ = $2 and the price of factor 2 is w₂ = $6, then her supply function is given by the equation

Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 2s² + 18. If the price he receives for repairing a car is $8, then in the long run, how many cars will he fix per week if he maximize profits?

In Problem 9, suppose that Irma's production function is f(x₁, x₂) = . If the price of factor 1 is w₁ = $3 and the price of factor 2 is w₂ = $6, then her supply function is given by the equation