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.

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Definitions:

Excise Tax

A tax imposed on specific goods, services, or transactions, typically including alcohol, tobacco, and fuel, aimed at raising government revenue or affecting consumption patterns.

Price Paid

The amount of money exchanged for a good or service in a transaction.

Consumers

Individuals or entities that use goods and services generated within the economy.

Productivity Apps

Productivity apps are software applications designed to help individuals manage their tasks, schedule, communications, and activities efficiently, thereby increasing their productivity.