This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The above figure shows the short run cost curves for a typical firm in a competitive market. If ... (Read 121 times)

formula1

  • Hero Member
  • *****
  • Posts: 666
on: Jul 1, 2018
The above figure shows the short run cost curves for a typical firm in a competitive market. If price = 4, then the firm
 
  A) is earning positive profits.
  B) should produce 35 units.
  C) should shut down.
  D) None of above.

Question 2

For each of the following functions, describe returns to scale.
 
  a. Q = K + L
  b. Q = K1/2L3/4
  c. Q = K2L


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

fffftttt

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

a. Constant returns to scale.
b. Decreasing returns to scale.
c. Increasing returns to scale.


formula1

  • Member
  • Posts: 666
Reply 2 on: Jul 1, 2018
Gracias!

carlsona147

  • Member
  • Posts: 341
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Order and Duration of Sleep Stages Through a Typical Night Order and Duration of Sleep Stages Through a Typical Night
A typical bus system showing module CAN communications and twisted pairs of wire. A typical bus system showing module CAN communications and twisted pairs of wire.
A typical OBD-II data link connector (DLC). The location varies with make and model and may even be ... A typical OBD-II data link connector (DLC). The location varies with make and model and may even be ...
Colossal Figure of Akhenaten Colossal Figure of Akhenaten
Which of the following reactions correctly shows the transmutation of an element by neutron ... Which of the following reactions correctly shows the transmutation of an element by neutron ...
Survivorship curves. Blue lines are theoretical curves. Red dots are data from field studies. Survivorship curves. Blue lines are theoretical curves. Red dots are data from field studies.
Video: Junction Types - Tight and Adherens Junctions

For a complete list of videos, visit our video library