Suppose That Each Firm Has the Cost Function C(y)= Y²

question 8

Multiple Choice

suppose that each firm has the cost function c(y) = y² + 9 for y = 0 and c(0) = 0.With industry demand given by D(p) = 51 - p, the equilibrium price and equilibrium number of firms in the industry (in that order) will be

• A)$8 and 11.
• B)$3 and 18.
• C)$3 and 48.
• D)$6 and 15.
• E)$6 and 45.

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Definitions:

Financial Statement

A report in written form that provides a quantitative analysis of a corporation's financial status, encompassing the balance sheet, income statement, and cash flow statement.

Temporary/Permanent

In accounting, this distinction refers to how certain accounts (temporary) close at the end of a fiscal period, while others (permanent) carry their balances forward.

Account Balance

The difference between the debits and credits recorded in an account.

Financial Statement

A precise documentation of monetary activities and the financial state of a corporation, a person, or another entity.