Use the following to answer question 19: q19.jpg  Which of the following statements is TRUE? I. The slope of the TC curve at 2 units of output is 8. II. The slope of the TC curve between 2 and 5 units of output is negative. III. The slope of the TC curve at 9 units of output is 12.

Use the following to answer question 20: Quantity of Output, Q Total Revenue Total Cost 0 0  30 1 100  50 2 200 100 3 300 180 4 400 280 5 500 520 The level of output where marginal revenue equals marginal cost is:

b) What is the demand elasticity at the output level chosen by EleCar? Show that the optimal price chosen by EleCar satisfies the condition P-MCP=-1Ed.

b) How much should a representative firm supply to maximize its profit? If all firms in the market are identical, how many such firms are in this market?

Use the following to answer question 8: q8.jpg  Good X and good Y are:

b) A strawberry farmer has the option of a) harvesting the strawberries and selling them in the market, and b) leave them on the ground and let them rot. If he is a profit maximizer, how should he choose between the two options? Explain.

The presence of capital rental markets gives firms:

Monroe consumes crab cakes and tuna. Monroe’s utility increases with the consumption of crab cakes, but his utility neither increases nor decreases with the consumption of tuna. Assuming tuna is placed on the x-axis and crab cake is placed on the y-axis, what do Monroe’s indifference curves look like?

Which of the following statements is TRUE? I. A natural monopoly owes its existence to economies of scale. II. In contrast to a monopoly industry, there are no barriers to entry in industries served by natural monopolies. III. Natural monopolies have cost structures characterized by small, fixed costs and steeply rising marginal costs.

Which SQL command could be used to create a new database named Fun_Run?