Transcribed Image Text from this Question14 The average total cost curve for a perfectly competitive firm. Suppose that average variable cost is $8 $20 ATC ed S out of 15 ag ion 10 5 a 0 10 20 30 40 50 60 70 80 Select one O A. is $2 B. is 540 C. is $80 D. cannot be determined from the information provided o е
Consider A Private Ownership Economy With Two Consumers And One Firm. The Firm Produces
Transcribed Image Text from this QuestionConsider a private ownership economy with two consumers and one firm. The firm produces a single output good using the production function y = 4(L)1/2, where labor is measured in hours per day. Consumer 1 has the utility function U(x2,11) = x (24-14) and Consumer 2 has the utility function U2(x2,12) = 2-log(x2) log(24-22). Consumer 1 owns a share 0 of the firm and consumer 2 owns 1-0, where 0
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