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?
Refer to Figure 9.6. Before this policy was implemented, consumer surplus was
A) $20. B) $4000. C) $6000. D) $8000. E) $12000.
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