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Author Question: The figure above shows a perfectly competitive firm. In the short run, the firm will shut down A) ... (Read 75 times)

809779

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on: Jun 29, 2018
The figure above shows a perfectly competitive firm. In the short run, the firm will shut down
 
  A) only if the AVC of producing 10 units is less than 20.
  B) only if the AVC of producing 10 units is more than 20.
  C) only if the AVC curve reaches its minimum before 10 units are produced.
  D) always.

Question 2

Suppose that you consume only pizza, which costs 4 per slice, and Diet Pepsi, which costs 2 each. The table above gives your utility from consuming these two goods.
 
  If your income is 14, which of the following consumption combinations will you choose? A) 3 slices of pizza and 1 Diet Pepsi
  B) 2 slices of pizza and 3 Diet Pepsis
  C) 1 slice of pizza and 5 Diet Pepsis
  D) 0 slices of pizza and 7 Diet Pepsis


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6ana001

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

B

Answer to Question 2

B


809779

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Reply #2 on: Jun 29, 2018
Thank you


6ana001

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Reply #3 on: Jun 29, 2018
No problemo


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