James is a tomato farmer who grows tomatoes. If James plants…

James is a tomato farmer who grows tomatoes. If James plants no seeds on his farm, then he will have no tomatoes. If he plants 1 bag of tomato seeds, he will get 5 tomato plants; if he plants 2 bags of tomato seeds, he will get 9 tomato plants; if he plants 3 bags of tomato seeds, he will get 12 tomato plants. The cost of a bag of tomato seeds is $120 and he has no other costs. James’s production function exhibits James’s total-cost curve is

Facebook is a monopolist. Assume that their marginal cost cu…

Facebook is a monopolist. Assume that their marginal cost curve shifts up, but that their demand curve remains the same and that Facebook does not shut down. Compared to before the increase in Facebook’s marginal cost, Facebook will ______ its price and ______ its level of production.