The Supply Curve of Any Firm Is S_i(p)= P/2

question 11

Multiple Choice

the supply curve of any firm is S_i(p) = p/2.If a firm produces 3 units of output, what are its total variable costs?

• A)$9
• B)$13.50
• C)$7
• D)$18
• E)There is not enough information given to determine total variable costs.

---

Definitions:

Accounts

A record within an accounting system that keeps track of financial transactions of a specific type, such as assets, liabilities, revenue, expenses, and equity.

Closing Entries

Adjustments made at the end of an accounting period to transfer balances from temporary to permanent accounts to prepare the books for the next period.

Revenues

Income generated from normal business operations, often from the sale of goods and services to customers.

Expenses

Costs incurred by a business or individual in the process of earning revenue, ranging from utilities to salaries.