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Author Question: Suppose a farmer is a price taker in soybeans with cost functions given by TC = .1q2 + 2q + 30 MC = ... (Read 86 times)

Lobcity

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on: Jul 1, 2018
Suppose a farmer is a price taker in soybeans with cost functions given by TC = .1q2 + 2q + 30 MC = .2q + 2 Suppose the farmer has to purchase a license for 50 per period in order to stay in business. In this case, its new total cost function is
 a. still TC = .1q2 + 2
  b. TC = .1q2 + .2q + 80
  c. TC = .1q2 + 2q + 50
  d. TC = 50

Question 2

Suppose a farmer is a price taker in soybeans with cost functions given by TC = .1q2 + 2q + 100 MC = .2q + 2 Suppose the farmer has to purchase a license for 50 per period in order to stay in business. In this case, its marginal cost function is
 a. still MC = .2q + 2
  b. MC = .2q + 50
  c. MC = .2q + 52
  d. MC = 50


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yuyiding

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

a


Lobcity

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  • Posts: 524
Reply 2 on: Jul 1, 2018
Excellent

bulacsom

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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