9. Suppose a firm's total cost is given by TC = 150 + 0.50Q + 1.5Q2. What is the firm's average variable cost of producing 10 units of output? (a) $2 $ 15.5 (c) $ 30.5 (d) $ 155 10. "The Colorado Office of Combative Sports and Colorado Combative Sports Commission (Office) is responsible for all rules to regulate the conduct, promotion and performance of boxing, kickboxing, and mixed martial arts in the state. The Office licenses participants, seconds, officials, and promoters. Licensure is mandatory in Colorado." In Colorado, you need a license to be a kickboxing judge (referee? umpire?). It is a violation subject to sanctioning to referee a kickboxing match without a license. This regulation is a source of for licensed referees and an example of (a) market power; a natural monopoly (b) scale economies; a natural monopoly (c) market power; a regulatory barrier to entry (d) unique product; scale economies 11. A firm that can affect the price of its product: (a) has a perfectly elastic demand curve. (b) can sell whatever quantity it produces without changing its price. (c) faces a downward-sloping demand curve. (d) has no demand curve (i.e., the relationship between price and quantity demanded breaks down). 12. A firm's demand curve is given by P = 66 - 1.5 * Q. What is the firm's corresponding marginal revenue curve? (a) MR = 66 - 0.67 * Q (b) MR = 132 - 0.67 * Q (c) MR = 66 - 3 * Q (d) MR = 66 - 1.5 *