If P = 20 - Y and TC(y)= 4y, Then

question 3

Multiple Choice

If p = 20 - y and TC(y) = 4y, then when y = 4:

• A)profits are positive.
• B)profits are maximizing.
• C)profits are negative.
• D)profits are zero.

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Definitions:

Sales Tax

A levy that a government places on the sale of products and services, usually determined as a portion of the selling price.

Marginal Cost

The extra financial obligation associated with the production of an additional good or service unit.

Construction Costs

Expenses incurred by a contractor for labor, material, equipment, financing, services, utilities, etc., to construct a building or structure.

Ticket Price

Ticket price refers to the cost of admission for an event, such as a movie, concert, or sporting event.