MIC | MCQs

Explanation

• To find the marginal cost (MC), you need to take the derivative of the cost function with respect to quantity (Q).
• Given cost function: C(Q) = 2Q^2 + 10Q + 50

Take the derivative of C(Q) with respect to Q:

• MC(Q) = dC/dd = 4Q + 10

Now, plug in the value Q = 5:

• MC(5) = 4(5) + 10 = 20 + 10 = $30.

Explanation

Total revenue equals price times quantity.

Explanation

Given own price elasticity equal to -2.5 implies that if the price of the good increases by Rs. 10, then the quantity demanded of the good Will decrease by 25% of initial quantity.

Explanation

When both the demand and supply curves shift to the right due to any reason, the quantity traded increases for sure, but nothing specific can be said about prices.

Explanation

A profit-maximizing firm under perfect competition will produce where marginal cost (MC) equals marginal revenue (MR), which occurs where marginal product (MP) is diminishing.

Explanation

Michelangelo completed the Sistine Chapel in 1512.

Its importance in the history of art cannot be overstated.

The Sistine Chapel is a chapel in the Apostolic Palace, the pope's official residence in Vatican City.]

Michelangelo di Lodovico Buonarroti Simoni, known as Michelangelo, was an Italian sculptor, painter, architect, and poet of the High Renaissance

Born: March 6, 1475, Caprese Michelangelo, Italy

Died: February 18, 1564, Rome, Italy

Explanation

• Bacteria are used in genetic engineering because they have the ability to multiply quickly, allowing for rapid production of large quantities of recombinant DNA.
• This is especially true for E. coli, which has a short generation time and can produce large amounts of protein.

Explanation

• In bacterial cells, the DNA is found floating in the cytoplasm, rather than being enclosed in a membrane-bound nucleus like in eukaryotic cells.
• This region of the cytoplasm where the DNA is found is called the nucleoid.

Explanation

• Biotic components refer to the living things in an environment.
• Including plants, animals, microorganisms, and fungi.

Explanation

• Decomposers are organisms that break down dead organic matter, releasing nutrients back into the ecosystem.
• This includes insects, bacteria, fungi, and small animals that feed on dead decaying bodies of plants and animals.