Question 1. A company produces table and chairs with the following total cost function TC=10,000+10Q+0.1Q2 in which Q=quantity of chairs produced. If the company can sell as many chairs it wishes at the current market price of $45, how many chairs should it produce to maximize its short-run profits?
Question 2. A production with the form Q=150L.75 K.50 will have? In the long run? a. increasing returns to scale, b. decreasing returns to scale, c. constant returns to scale, d. diminishing returns to the variable input