A Supply Function Is Given By $p _ { 3 } ( x ) = 5 + \frac { 1 } { 10 } x$

question 103

Multiple Choice

A supply function is given by $p _ { 3 } ( x ) = 5 + \frac { 1 } { 10 } x$ , where x is the number of units produced. Find the producer surplus when the selling price is $15.

• A)100
• B)500
• C)250
• D)1000
• E)800
• F)400
• G)200
• H)2000

Understand the impact of learning curves on production costs.

Evaluate business decisions on expanding product lines in light of economies and diseconomies of scope.

Understand the concept of long-run marginal cost and its implications on business expansion decisions.

Analyze the effects of swing shifts on short-run marginal cost and pricing strategies.

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Definitions:

Ethnocentric

The belief in the superiority of one's own ethnic group or culture, often accompanied by a generalized view of other cultures.

Geocentric

An approach in international business where company policies are based on global standards rather than local or home country practices.

Polychronic

A cultural attitude towards time management where people handle multiple tasks simultaneously and consider time as more fluid.

Universal

A term that implies applicability or relevance to all cases or situations without exception.