13. Given a demand function of D(P) = 500 - 10P, what is it\'s inverse demand fu

Question

13. Given a demand function of D(P) = 500 - 10P, what is it's inverse demand function?
A. D(P) = 50 - P
B. P(Q) = 50P
C. P(Q) = 50 - Q/10
D. P(Q) = 500 - 10Q

15. A price-taking firm's variable cost function is C = Q3, where Q is the output per week. It has
an avoidable fixed cost of $2,000 per week. Its marginal cost is MC = 3Q2. What is the profit
maximizing output if the price is P = $192?
A. 0
B. 6
C. 8
D. 10

9. A ______ cost is ______ if the firm doesn't incur the cost if it produces no output.
A. Fixed; sunk
B. Fixed; explicit
C. Variable; sunk
D. Fixed; avoidable

Explanation / Answer

13.C 15. c 9.a

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