Which of the following statements is true if a firm's short-run cost function is given by the following expression: C(q) = 6+3q2 a.) A 1% increase in the price will increase the firm's quantity supplied by 1% b.) A 1% increase in the price will increase the firm's quantity supplied by more than 1% c.) A 1% increase in the price will increase the firm's quantity supplied by less than 1%
Which of the following statements is true if a firm's short-run cost function is given by the following expression: C(q) = 6+3q2 a.) A 1% increase in the price will increase the firm's quantity supplied by 1% b.) A 1% increase in the price will increase the firm's quantity supplied by more than 1% c.) A 1% increase in the price will increase the firm's quantity supplied by less than 1%
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
ChapterB: Differential Calculus Techniques In Management
Section: Chapter Questions
Problem 5E
Related questions
Question
100%
Which of the following statements is true if a firm's short-run cost function is given by the following expression: C(q) = 6+3q2
a.) A 1% increase in the price will increase the firm's quantity supplied by 1%
b.) A 1% increase in the price will increase the firm's quantity supplied by more than 1%
c.) A 1% increase in the price will increase the firm's quantity supplied by less than 1%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning