Suppose That the Total Profit in Hundreds of Dollars from Selling

question 55

Multiple Choice

Suppose that the total profit in hundreds of dollars from selling x items is given by P(x) =4x2 - 5x + 10.Find the marginal profit at x = 5.

• A)$45
• B)$15
• C)$35
• D)$32

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Definitions:

Labor-Supply Curve

A graphical representation showing the relationship between the amount of labor workers are willing to provide at different wage rates.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing to consume or produce one good or service over another.

Marginal Product

Marginal Product is the additional output resulting from a one-unit increase in the quantity of a particular input, holding all other inputs constant.

Labor

Refers to the human effort, both physical and mental, used in the production of goods and services.