A Competitive Firm Has a Long-Run Total Cost Function C(y)

question 31

Multiple Choice

A competitive firm has a long-run total cost function c(y) = 2y2 + 288 for y > 0 and c(0) = 0. Its long-run supply function is described as

• A) y =if p > 46, y = 0 if p < 46.
• B) y =if p > 51, y = 0 if p < 54.
• C) y =if p > 48, y = 0 if p < 48.
• D) y =if p > 51, y = 0 if p < 51.
• E) y =if p > 53, y = 0 if p < 43.

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Definitions:

Advocacy

The act of speaking, writing, or acting in support of a cause, policy, or group of people, often aimed at influencing public-policy and resource allocation decisions.

Social Bonds

Connections among individuals or groups that foster trust, cooperation, and community, often based on shared values, interests, or experiences.

Customer Value

The perception of what a product or service is worth to a customer versus the cost of obtaining it, taking into consideration both tangible and intangible factors.

Lifetime Value Management

The practice of maximizing the revenue a company can earn from a customer over the entirety of their relationship with the company.