A Firm Has the Long-Run Cost Function C(q) = 7q2

question 12

Multiple Choice

A firm has the long-run cost function C(q) = 7q2 + 175.In the long run, it will supply a positive amount of output, so long as the price is greater than

• A) $70.
• B) $148.
• C) $35.
• D) $140.
• E) $75.

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Definitions:

Explanatory Variable

An explanatory variable, also known as an independent variable, is a variable in statistical modeling that is manipulated to assess its effects on a dependent variable.

Normally Distributed

Describes a data distribution shaped like a symmetrical bell curve, with mean, median, and mode all equal.

Parameters

Parameters are specific numerical or categorical boundaries set within a study or experiment that define the data to be collected or the conditions under which the study is conducted.

Degrees of Freedom

The number of independent values in a dataset that are free to vary when estimating statistical parameters or testing hypotheses.