The firm’s average cost curve is the result of cost minimization in the use of fixed inputs.
Answer the following statement true (T) or false (F)
False
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Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 1,000Qmill + (Qmill)2, where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula MEC = 200 + 2Qmill. Finally, annual market demand (in thousands of tons) is given by the formula Qd = 200,000 - 100P. Which of the following gives the function for the marginal social cost?
A. MSC = 1,200 - 4Q B. MSC = 800 + 4Q C. MSC = 1,200 + 4Q D. MSC = 800 - 4Q
Which of the following is most likely to be a monopolistically competitive firm?
A) smart phone producer B) cell phone service provider C) college textbook publisher D) computer software maker
Which of the following was not a factor that contributed to improved productivity from 1995 to 2009?
A. Surging investment B. Falling energy prices C. Advances in information technology D. Decreased costs for higher education
Capitalistic System
What will be an ideal response?