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Author Question: A firm's short-run supply curve is the same as _____ if it produces the good. A. its marginal ... (Read 45 times)

nmorano1

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on: Jun 29, 2018
A firm's short-run supply curve is the same as _____ if it produces the good.
 
  A. its marginal revenue curve
  B. the upward-sloping part of its marginal cost curve
  C. its marginal cost curve above minimum average variable cost
  D. its marginal cost curve above minimum average total cost

Question 2

Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of one of the shirts is 28 dollars
 
  A) Tom will receive 12 of consumer surplus from buying one shirt.
  B) Harriet will receive 25 of consumer surplus since she will buy no shirts.
  C) Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts.
  D) Tom and Dick receive a total of 70 of consumer surplus from buying one shirt each. Harriet will buy no shirts.


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Brummell1998

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C Figure 11.5 in the text illustrates that answer C is correct.

Answer to Question 2

A


nmorano1

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

emsimon14

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Reply 3 on: Yesterday
:D TYSM

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