Use the Following to Answer Question 358 -Janet's Poodle Grooming Salon Has a Total Cost Curve Expressed

question 270

Multiple Choice

Use the following to answer question 358: $$\begin{array}{l}\text { Table: Linda's Copy Shop Production }\\\begin{array} { l c } \hline \begin{array} { l } \text { Quantity of } \\\text { Variable Input } \\\text { (units) }\end{array} & \begin{array} { c } \text { Quantity of } \\\text { Output } \\\text { (copies) }\end{array} \\\hline 0 & 0 \\1 & 100 \\2 & 200 \\3 & 350 \\4 & 450 \\5 & 525 \\\hline\end{array}\end{array}$$
-Janet's poodle grooming salon has a total cost curve expressed by the equation TC = 100 + 3Q², where Q is the quantity of dogs groomed.Given this expression,Janet is operating in the:

• A) long run.
• B) short run,and her fixed cost is $100.
• C) long run,and her fixed cost is $100.
• D) short run,and there are no fixed costs.

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Definitions:

Insiders

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Small-Firm Anomaly

The historical observation that smaller firms, or those with a lower market capitalization, tend to outperform larger companies on a risk-adjusted basis.

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