A firm has fixed costs of £4,000. Its short-run production function is y = 4x2, where x is the amount of variable factor it uses. The price of the variable factor is £4,000 per unit. Where y is the amount of output, the short-run total cost function is Select one: O a. 4,000 + 250y². O b. 4,000 + 4,000y. c. 4,000/y + 4,000. O d. 8,000y. e. 4,000 + 0.25y2.

A firm has fixed costs of £4,000. Its short-run production function is y = 4x2, where x is the amount of variable factor it uses. The price of the variable factor is £4,000 per unit. Where y is the amount of output, the short-run total cost function is Select one: O a. 4,000 + 250y². O b. 4,000 + 4,000y. c. 4,000/y + 4,000. O d. 8,000y. e. 4,000 + 0.25y2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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