Suppose the Marginal Cost for X Units of a Good

question 155

Multiple Choice

Suppose the marginal cost for x units of a good is (dollars per unit) and if the fixed cost is $200. What is the total cost of producing 4 units of this good? Round your answer to the nearest dollar. ​

• A)168 dollars
• B)226 dollars
• C)228 dollars
• D)170 dollars
• E)240 dollars

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Definitions:

Demand Curve Elastic

A characteristic of the demand curve where the quantity demanded by consumers changes significantly as a result of price changes.

Total Revenue

Total revenue is the total amount of money received by a firm from selling its goods or services before any expenses are deducted.

Price Elasticity

A measure of how sensitive the quantity demanded of a good is to a change in its price.

Demand Curve

A graph representing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping, indicating an inverse relationship between price and quantity demanded.