Suppose a farmer is a price taker for soybean sales with cost functions given by TC = .1q2 + 2q + 30 MC = .2q + 2 If P = 6 the profit-maximizing level of profits is
a. 10
b. 20
c. 30
d. ?10
a
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Explain the effects of an import quota on domestic production, consumption, and price
What will be an ideal response?
A market is said to be concentrated when:
a. the degree of competition in the market increases. b. many firms supply to a small number of consumers. c. the firms producing identical goods are clustered in a particular location. d. a firm or a few firms are able to dictate the competitive conditions in a market. e. there is a huge immigration of workers from neighboring areas.
Most advances in health care are due to ______.
a. better training b. increased personnel c. technological innovations d. more individualized care
Refer to Figure 9.6. Before this policy was implemented, consumer surplus was
A) $20. B) $4000. C) $6000. D) $8000. E) $12000.