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:

Poisson Probability Distribution

A discrete frequency distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space.

Intensive Care Unit

A specialized department in a hospital that provides critical care to seriously ill patients.

Binomial Probability Distribution

A type of distribution that represents the number of successes in a fixed number of independent trials, with only two possible outcomes.

Discrete Probability Distributions

Probability distributions that deal with discrete random variables, which have countable outcomes.