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Author Question: If at some output level for a firm price exceeds average total cost, then the firm is earning an ... (Read 132 times)

@Brianna17

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on: Jun 30, 2018
If at some output level for a firm price exceeds average total cost, then the firm is earning an economic profit.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

The marginal utilities associated with the first 4 units of consumption of good Y are 10, 12, 9, and 7, respectively. What is the total utility associated with the third unit?
 a. 3.
  b. 9.
  c. 25.
  d. 31.
  e. The amount cannot be determined from the marginal utilities.


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Laurenleakan

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Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

d


@Brianna17

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Reply 2 on: Jun 30, 2018
Wow, this really help

dantucker

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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