If the total cost function is TC = 10Q3 - 50Q2 + 1000Q + 500, what is the equation for MC?
What will be an ideal response?
MC = 30Q2 - 100Q + 1000
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If an economy is operating inefficiently, then
A. the economy can increase production of consumption goods without reducing capital goods. B. there is always a positive opportunity cost to increasing output. C. output can only be increased through capital investment. D. output cannot be increased.
Macroeconomics stresses
a. resource allocation and income distribution. b. inflation and unemployment. c. resource allocation and inflation. d. unemployment and income distribution.
If a firm can change market prices by altering its output then it:
A.) Has market power. B.) Is a price taker. C.) Faces a horizontal demand curve. D.) Is a competitive firm.
Opportunity cost: a. Always refers to the dollar price paid for a good
b. Always equals the best alternative value of the time spent in going to a concert or sporting event. c. Of any good is zero for any good that is given away free, if you wait in a line to get it. d. Increases when the best foregone alternative becomes more valuable.