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Submit Firm Supply 1 2 points If a firm's cost function is c(y) = y2 + 16, what is its Marginal Cost function? 2y O y + 16/y 16 y/2 y 2y+16/y 2 2 points To maximize profits, a firm in a perfectly competitive market should produce a quantity such that. the firm's marginal cost is exactly equal to the market price O the firm's marginal cost is greater than the market price the firm's marginal cost is less than the market price O the firm's total costs are minimized Edit View History Bookmarks Profiles Tab Window Help G 23% Tue 12:41 PM Q G Consider a firm in a competitive x how to screenshot on mac - Gc x ps://bgsu.instructure.com/courses/1421470/external_tools/retrieve?display=full_width&url=https%3A%2F%2Fbgsu.quiz-Iti... Q ( * * 0 G (Update Return Submit 3 2 points If a firm's Marginal Cost function is MC = y, what is that firm's supply function? O y =P O y= 1 O y = p/2 O y = 2p O y = p/4 4 2 points If a firm's cost function is c(y) = 3y2 + 100, what is its supply function? (Hint: first calculate marginal cost, following the approach you used for question 1 in this quiz. Next, set marginal cost equal to price, as you know from question 2 of this quiz. Finally, solve your equation MC = p for y, with the same approach that you used for question 3 in this quiz.) O y= p2/3+ 100 O y = 6p y = p/6 O y = p/3 O y = 2p/3 O y = 2p/3 - 100 5 2 points Edit View History Bookmarks Profiles Tab Window Help G 23% Tue 12:41 PM Q G Consider a firm in a competitive x G how to screenshot on mac - Go ps://bgsu.instructure.com/courses/1421470/external_tools/retrieve?display=full_width&url=https%3A%2F%2Fbgsu.quiz-Iti... Q ( * * 0 G(Update Return Submit Consider a firm in a competitive market with the cost curves pictured below. If the market price of this firm's product is P = 10, what is the firm's best response in the short run and the long run? PRICE $ COST $ MC REVENUE $ ATC 10- - AVC 8- 300 QUANTITY In the short run, the firm should produce a positive quantity. In the long run, the firm should exit the market. OO In the short run, the firm should shut down (ie, produce y = 0 units of output). In the long run, the firm should exit the market. In the short run, the firm should produce a positive quantity. In the long run, the firm should stay in the market