Suppose a Firm's Total Cost Function Is Given by TC

question 82

Multiple Choice

Suppose a firm's total cost function is given by TC = 6,000 + 2Q + 0.25Q², where MC = 2 + 0.5Q. The output level that minimizes variable cost is ____.

• A) 154.9
• B) 175
• C) 150
• D) 0

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Definitions:

Cause and Effect

A relationship between events or things, where one is the result of the other or others.

Descriptive Method

A research method that involves observing and describing the behavior of a subject without influencing it in any way.

Psychological Research

The scientific study of human behavior, emotions, and mental processes through systematic observation, experimentation, and analysis.

Double-Blind Study

An experiment in which neither the people being studied nor the individuals running the study know who is in the control group and who is in the experimental group until after the results are tallied.