Which statement is true given the total cost function: Total cost = 10Q + 5Q2 + 100?
A. Total cost at Q = 4 is 120
B. Average total cost at Q = 10 is 70
C. Total cost at Q = 5 is 175
D. Average fixed cost is zero at Q = 100
B. Average total cost at Q = 10 is 70
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The figure above shows the market for milk. If one firm owns all the milk outlets in the city and sells 100 gallons of milk
A) the market is efficient because the marginal social benefit from the last gallon of milk exceeds its marginal social cost. B) the market is efficient because the total social benefit from milk exceed the total social cost. C) there is a deadweight loss because the marginal social benefit from the last gallon of milk exceeds its marginal social cost. D) there is a deadweight loss because the marginal social cost of the last gallon of milk exceeds its marginal social benefit.
In an aggregate demand and aggregate supply graph, a contractionary fiscal policy can be illustrated by a:
a. Rightward shift in the aggregate demand curve b. Leftward shift in the aggregate demand curve c. Rightward shift in the aggregate supply curve d. Movement along an existing aggregate supply curve
If the demand function for a particular good is Q = 25 ? 10P, then the price elasticity of demand (in absolute value) at a price of $1 is:
A. 8. B. 2/3. C. 2. D. 1/8.
If a monopolistically competitive firm is producing where MR = MC and is in long-run equilibrium, then price is equal to ATC.
Answer the following statement true (T) or false (F)