If in Problem 4, the Inverse Demand for Bean Sprouts

question 4

Multiple Choice

If in Problem 4, the inverse demand for bean sprouts were given by P(Y) = 300 - 3Y and the total cost of producing Y units for any firm were TC(Y) = 30Y and if the industry consisted of two Cournot duopolists, then in equilibrium each firm's production would be

• A) 45 units.
• B) 22.50 units.
• C) 30 units.
• D) 15 units.
• E) 25 units.

---

Definitions:

Human Capital

Investments in people, such as education and health care, that increase their productivity and earnings potential.

Physical Capital

Tangible assets such as buildings, machinery, and equipment used in the production of goods and services.

Human Capital

The sum of abilities, expertise, and non-material assets possessed by people that can generate economic benefits for themselves, their employers, or their local area.

Physical Capital

Tangible assets used in the production of goods and services, such as buildings, machinery, and equipment.