Given the market demand and cost data in the above figure, the existence of two firms equal sized firms producing a total of 8 million cubic feet of natural gas means that the long-run average cost of producing natural gas is

Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point W?

A) 5 million tons of paper B) 3 million tons of steel C) 9 million tons of paper D) 19 million tons of steel

If a technological change occurs such that the production function shifts from q = 10K0.5 L0.5 to q = 10.5K0.3 L0.5, then the technological change is

A) both neutral and non-neutral. B) neutral. C) non-neutral. D) Not enough information given.