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)
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Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
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ChapterB: Differential Calculus Techniques In Management
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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%
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