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- If this firm is producing.... please solveWhen is the law of diminishing marginal returns relevant? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a when a firm can change all of its inputs b when a firm can only change one of its inputs c when a firm is advertising d when a firm is not using all of its inputsSuppose that a latte can only be produced by using exactly 1 ounce of espresso (E) and 3 ounces of milk (M). What is the firm's cost function if the price of espresso is 0.50 per ounce and the price of milk is 0.10 per ounce? a. C = 4q b. C = 0.8q c. C = 0.4q d. C = 160q e. C = 80q
- Can you explain to me why in the short run, firms only use variable cost to determine whether or not to shut down.The vast majority of industries are probably not perfectlycompetitive. Why then do you suppose economics coursesemphasize the study of perfect competition as much as they do?When is the law of diminishing marginal returns relevant? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an a b C d when a firm can change all of its inputs when a firm can only change one of its inputs when a firm is advertising when a firm is not using all of its inputs
