The are bounded by the demand curve xy = 1, the X-axis, x = 1 and x = 2 is ________

(a)

log 2

(b)

log \(\frac{1}{2}\)

(c)

2 log 2

(d)

\(\frac{1}{2}\)log 2

The area above the supply curve p = g(x) and below the line p = p_o is ________.

(a)

Producer's Surplus

(b)

Consumer's Surplus

(c)

\(\int _{ 0 }^{ p0 }{ g(x)dx } \)

(d)

\(\int _{ 0 }^{ x0 }{ g(x)dx } \)

The area below the demand curve p = f(x) and above the line p = p_o is________.

(a)

Producer's Surplus

(b)

Consumer's Surplus

(c)

\(\int _{ 0 }^{ p0 }{ g(x)dx } \)

(d)

\(\int _{ 0 }^{ x0 }{ g(x)dx } \)

Profit = Total revenue - __________.

(a)

demand

(b)

total cost

(c)

Marginal cost

(d)

Average cost

Profit function is maximum when \(\frac{dp}{dx}\) = 0 and \(\frac{d^2p}{dx^2}\) is _________.

(a)

positive

(b)

negative

(c)

0

(d)

maximum