Multiple Choice
A competitive firm has a long-run total cost function c(y) = 2y2 + 288 for y > 0 and c(0) = 0.Its long-run supply function is described as
A) y = p/2 if p > 46, y = 0 if p < 46.
B) y = p/2 if p > 51, y = 0 if p < 54.
C) y = p/4 if p > 48, y = 0 if p < 48.
D) y = p/4 if p > 51, y = 0 if p < 51.
E) y = p/2 if p > 53, y = 0 if p < 43.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: A firm's production function is f(x1, x2)=
Q2: Price equals marginal cost is a sufficient
Q4: A competitive firm is choosing an output
Q5: A competitive firm produces its output according
Q6: Two firms have the same technology and
Q7: Mr.O.Carr has the cost function c(y)= y2
Q8: A competitive, capitalistic firm produces gift-wrapped pieces
Q9: A profit-maximizing firm continues to operate even
Q10: A profit-maximizing dairy farm is currently producing
Q11: A firm faces competitive markets both for