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

question 3

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 = p/2 if p > 46, y = 0 if p < 46.
• B)y = p/2 if p > 51, y = 0 if p < 54.
• C)y = p/4 if p > 48, y = 0 if p < 48.
• D)y = p/4 if p > 51, y = 0 if p < 51.
• E)y = p/2 if p > 53, y = 0 if p < 43.