A variable cost function of the form: VC = 52 + 2Q + 3Q2 implies a marginal cost curve that is
A) constant.
B) upward sloping.
C) U-shaped.
D) quadratic.
B
You might also like to view...
Deadweight loss results from a misallocation of resources
a. True b. False Indicate whether the statement is true or false
Real output per capita is calculated by
a. multiplying the population by GDP b. dividing nominal GDP by the population c. dividing the population by nominal GDP d. dividing real GDP by the population e. dividing the population by real GDP
Legal entitlement to scientific discoveries, inventions, innovations and intellectual property
A) results in an equal distribution of income and profits. B) protects production on the basis of tradition, social customs and habits. C) encourages technological advancements. D) reduces the incentive to invest in research and development.
A business owner makes 50 items by hand in six hours. She could have earned $10 an hour working for someone else. If each item sells for $5 and the explicit costs total $14, economic profit equals:
A. $74. B. $0. C. $236. D. $176.