A Firm Has the Production Function Q = in the Short

question 38

Multiple Choice

A firm has the production function Q = In the short run it must use exactly 35 units of factor 2. The price of factor 1 is $105 per unit and the price of factor 2 is $3 per unit. The firm's short-run marginal cost function is

• A) MC(
• Q) = 105.
• B) MC(
• Q) =.
• C) MC(
• Q) = 105 + 105Q2.
• D) MC(
• Q) = 3Q.
• E) MC(
• Q) = 35.

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Definitions:

Sales Return

Goods returned by the customer to the seller for a refund or credit due to reasons like defects or dissatisfaction.

General Journal

A comprehensive ledger that records all the day-to-day financial transactions of a business.

Accounts Payable

Liabilities of a business that represent amounts owed to creditors for goods and services purchased on credit.

Accounting Information System

A system designed to collect, store, and process financial and accounting data, and produce informational reports for decision making.