ECON 306 Lecture 17: Lecture 17

20. What is the shut down price for a competitive firm with Total Variable Cost =q- 6q? + 14q and Fixed Costs = 84? A) 0 B) $2 C) $3 D) $4 E) $5 F) $6 G) $7 H) $8 I) $9 J) none of the above

13. If the price of X is set at $24.00 per unit, the number of units of X purchased by this consumer each month will be: A) 1 B) 2 C) 3 D) 4 E) 5 F) 6 G) 7 H)8 1) 9 J) 10 K) 12 L) 14 M) 16 N) 18 0) 20 P) 22 Q) 24 R) 26 S) 28 T) 30 U) 36 V) 40 W) 44 X) 52 Y) 56 Z) none of the above

24. If the government decides to regulate the bridge and requires the firm to charge a price that reduces economic profits to zero, what price will be charged? (A) $0 (B) $1 (C) $2 (D) $3 (E) $4 (F) $5 (G) $7 (H) $9 (I) $11 (J) none of the above