The firm can calculate all points on its total cost curve if it knows
a. its production function.
b. the prices of inputs and of output.
c. its average cost at its optimal output level.
d. the prices of inputs and its production function.
d
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In an optimal two-part tariff pricing schedule, consumer surplus is zero
Indicate whether the statement is true or false
Consider a firm that produces 500,00 . units per year. The firm's fixed costs are $100,000 . marginal costs are $250 and the price per unit is $400 . In the long-run, how low can price go before it is profitable to shut down?
a. $150 b. $250 c. $250.20 d. $400
The capabilities approach allows us to focus on issues of:
A. poverty, inequality, and human development. B. income, poverty, and economic growth. C. human development, capital development, and technological progress. D. personal happiness, individual pleasure, and pain avoidance.
Oil is used to produce gasoline. If the price of oil increases, consumer surplus in the gasoline market
a. decreases. b. is unchanged. c. increases. d. may increase, decrease, or remain unchanged.