A firm has fixed costs of £2,000. Its short-run production function is y = 4x/2, where x is the amount of variable factor it uses. The price of the variable factor is £3,000 per unit. Where y is the amount of output, the short-run total cost function is Select one: O a. 2,000/y + 3,000. O b. 5,000y O c. 2,000 + 187.50y². O d. 2,000 + 3,000y. O e. 2,000y + 0.19y2.

A firm has fixed costs of £2,000. Its short-run production function is y = 4x/2, where x is the amount of variable factor it uses. The price of the variable factor is £3,000 per unit. Where y is the amount of output, the short-run total cost function is Select one: O a. 2,000/y + 3,000. O b. 5,000y O c. 2,000 + 187.50y². O d. 2,000 + 3,000y. O e. 2,000y + 0.19y2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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