An average variable cost function is estimated asAVC = 96 ? 2Q + 0.05Q2Which of the following cost functions is associated with this estimate?
A. SMC = 96 - 4Q + 0.1Q2
B. TVC = 96Q- 2Q2 + 0.05Q3
C. TVC = 96Q + 4Q2 + 0.15Q3
D. SMC = 96 - 4Q + 0.15Q2
E. both b and d
Answer: E
You might also like to view...
If average labor productivity decreases, then the same number of employed workers will always produce:
A. more total output. B. less output per person. C. less total output. D. more output per person.
The word economics is derived from the Greek word Oeconomicus, which refers to the management of ______.
a. household affairs b. money c. resources d. political affairs
?
Exhibit 14A-5 Macro AD-AS Model
?
?
?
Economic growth is represented in Exhibit 14A-5 by:
A. leftward shift in the long-run aggregate supply curve (LRAS). B. inward shift of the production possibilities curve. C. rightward shift in the long-run aggregate supply curve (LRAS). D. movement along the long-run aggregate supply curve (LRAS).
Historically, consumption spending in the United States has _____
Fill in the blank(s) with the appropriate word(s).