Solve the Following Problem and Write the Answer as a Mixed

question 2

Multiple Choice

Solve the following problem and write the answer as a mixed number in lowest terms: 7/8 × 3/4 × 3/16.

• A)63/576
• B)7/64
• C)7/64.
• D)63/512

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Definitions:

Variable Cost

Costs that change in proportion to the level of production or activity within a company.

Long Run

A time period in economics during which all inputs or factors of production can be varied, and no costs are fixed.

Expenditures

Money spent on goods, services, or other expenses by individuals, businesses, or governments.

Long Run Cost Curve

A graphical representation that shows the minimum cost at which any given level of output can be produced in the long term, once all inputs are variable.