In a Certain Industry, the Supply Curve of Any Firm

question 21

Multiple Choice

In a certain industry, the supply curve of any firm is S_i(p) = p/2.If a firm produces 5 units of output, what are its total variable costs?

• A)$50
• B)$23
• C)$37.50
• D)$25
• E)There is not enough information given to determine total variable costs.

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Definitions:

Room Rental Revenue

Income generated from the leasing or renting out of rooms, commonly seen in hotels, hostels, or rental properties.

Event Revenue

Income generated from organized events, such as concerts, conferences, or sports events, typically through ticket sales, sponsorships, and merchandise.

Event Expense

Event expense refers to the costs incurred in organizing, hosting, or participating in a specific event.

Promises of Payment

Obligations or commitments by one party to pay another, often formalized through instruments like notes or bonds.