A firm is a price-taker in the market for quesadillas. Their cost function is C(q) = 100 + 2g +q'. The current price is 10. Is the market in long-run equilibrium? O a. Yes, and new firms will enter. O b. Yes, but the price will drop. O c. No, and new firms will enter. O d. No, and some existing firms will exit. Clear my choice A person consumes good X and Y. X is an inferior good but not a Giffen good. Which of the following can be true? O a. Exp, = -0.8, €x.p, = 0.9, Ex.1 = -0.1, Sx = 0.5, ey1 = 2.1 O b. Ex.p, = -1.2, ex.p, = 0.2, Ex,1 = 1, Sx = 0.2, y1 = 2.1 O C. Ex.p. = 0.2, Ex.Py = 0.2, €x.1 = -0.5, sx = 0.2, ey,I = 1 O d. Ex.p, = -0.4, ex.p, = 0.2, Ex.I = 1, Sx 0.2, ey,1 = 1 Clear my choice

A firm is a price-taker in the market for quesadillas. Their cost function is C(q) = 100 + 2g +q'. The current price is 10. Is the market in long-run equilibrium? O a. Yes, and new firms will enter. O b. Yes, but the price will drop. O c. No, and new firms will enter. O d. No, and some existing firms will exit. Clear my choice A person consumes good X and Y. X is an inferior good but not a Giffen good. Which of the following can be true? O a. Exp, = -0.8, €x.p, = 0.9, Ex.1 = -0.1, Sx = 0.5, ey1 = 2.1 O b. Ex.p, = -1.2, ex.p, = 0.2, Ex,1 = 1, Sx = 0.2, y1 = 2.1 O C. Ex.p. = 0.2, Ex.Py = 0.2, €x.1 = -0.5, sx = 0.2, ey,I = 1 O d. Ex.p, = -0.4, ex.p, = 0.2, Ex.I = 1, Sx 0.2, ey,1 = 1 Clear my choice

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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