Joss is a marketing consultant. Iris and Daphne are potential customers interested in commissioning Joss to undertake a market survey and compile the findings in a report.
Iris is willing to pay 500 for the service while Daphne is willing to pay 800. Suppose that the opportunity cost of Joss's time is 1,200. Assume that Iris and Daphne do not know each other. If the price of the report is 800 per copy
A) only Daphne will purchase Joss's services and Joss will undertake the job for her.
B) both Iris and Daphne will purchase Joss's services and Joss will undertake the job.
C) only Daphne will want to purchase Joss's services but Joss will not be willing to do the work.
D) neither Iris nor Daphne will commission the work.
Question 2
Refer to Figure 11-10. Suppose for the past 8 years the firm has been producing Qd units per period using plant size ATC4. Now, following a permanent change in demand, it plans to cut production to Qc units.
What will happen to its average cost of production?
A) In the short run, its average cost rises from 47 to 55, and in the long run, average cost falls to 41.
B) In the short run, its average cost rises from 47 to 55, and in the long run, average cost falls to 37.
C) In the short run, its average cost falls from 47 to 37, and in the long run, average cost rises to 41.
D) In the short run, its average cost falls from 47 to 41, and in the long run, average cost falls even further to 37.
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