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Author Question: In the long run, a firm's producer surplus is equal to the A) economic rent it enjoys from its ... (Read 48 times)

lunatika

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on: Jul 1, 2018
In the long run, a firm's producer surplus is equal to the
 
  A) economic rent it enjoys from its scarce inputs.
  B) revenue it earns in the long run.
  C) positive economic profit it earns in the long run.
  D) difference between total revenue and total variable costs.
  E) difference between total revenue and total fixed costs.

Question 2

Which of the following production functions exhibits constant returns to scale?
 
  A) q = KL
  B) q = KL0.5
  C) q = K + L
  D) q = log(KL)


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daiying98

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

A

Answer to Question 2

C


lunatika

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

Liddy

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

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