Question 5 of 7 A firm's long-run total cost function is C 360 + 40Q = 10Q2. a. What is the shape of the long-run average cost curve? b. Find the output that minimizes average cost. c. The firm faces the fixed market price of $140 per unit. At this price, can the firm survive in the long run? Explain. Answer with text and/or attachments:

Q: Explain the influence of costs in the short run on a firm's output

A: Short-run is a period of time when there is some cost which cannot be varied.

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Q: Question 10 Consider a firm whose cost function when both L and K are variable is shown in the…

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Q: Define and explain the following terms associated with long run production Accounting profit…

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Q: Question 18 The upward sloping portion of a long-run cost curve illustrates: Diminishing marginal…

A:

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A: Q = 5L1/2 L1/2 = Q/5 Squaring, L = Q2 / 25 TC = wL + rK TC = 25 x (Q2 / 25) + 20 x 5 TC = Q2 + 100

Q: Question 19 Which of the following statements best represents a difference between short-run and…

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Q: Why do we refer to the long-run average cost curve as a "boundary"? a. The points below the curve…

A: * ANSWER :-  *(46) * The OPTION E (The points on the curve represent a boundary between fixed factor…

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