A firm's production function is given by Q = KL, where MP = K and MPK = L. The wage rate (W) = $50, and the rental per unit of capital (R) is $12.50. In the short run, capital (K) is fixed at 10 units. The short-run average total cost of producing 100 units of output is _, and the long-run average total cost of producing 100 units of output is O $14.75; $8.80 O $6.25; $5 O $6.25; $4.20 $14.75; $9 Randy likes baseball more than football, football more than basketball, and basketball more than baseball. Which assumption about consumer preferences does this violate? O more is better O transitivity O completeness and rankability The more a consumer has of a particular good, the less she is willing to give up of something else to get even more of that good.HR MIN SEC Question 60 of 70 > A firm can produce any quantity of good X with the following cost structure: TC = 450,000 + 20Q, where @ measures units of output. The industry demand for good X is @ = 100,000 - 500P. Suppose the profit-maximizing quantity for a single firm is split between two firms, both of which have the cost structure of TC = 450,000 + 200, where @ measures units of output. In this case, the average total cost for each firm is $ O 40 30 50 O 20Question 61 of 70 > In a perfectly competitive industry, there are two types of firms: low-cost producers and high-cost producers. The minimum average total cost of the high-cost producers is $150. The low-cost producers have a long-run total cost curve given by LTC = 1500 - 1502 + 0.403, where LMC = 150 - 300 + 1.202. How much economic rent does the low-cost producer earn? O $45,000 O $710 O $3,125 O $14,000