The Figure Below Shows the Isocost Lines and the Isoquant

question 66

Multiple Choice

The figure below shows the isocost lines and the isoquant map for a firm producing golf tees. FIGURE 8- 6
-Refer to Figure 8- 6. Suppose there is a change in relative factor prices and the cost- minimizing method of producing 2000 golf tees is now at point D. If the total cost of producing 2000 golf tees is still $60, it must be the case that

• A) the price of labour rose and the price of capital fell.
• B) the price of labour fell and the price of capital remained constant.
• C) the price of labour and capital both fell.
• D) the price of labour fell and the price of capital rose.
• E) the price of labour and capital both rose.

Calculate and analyze budgeted figures in practical scenarios.

Describe the primary purposes of the budgeting process.

Grasp the strategic integration of budgeting with organizational strategies and plans.

Understand the role of external factors in forecasting and budgeting.

---

Definitions:

Cultural Beliefs

The shared assumptions, values, and practices that guide the behavior of people within a particular society or cultural group.

NCDA

The National Career Development Association, a professional organization for career counselors and specialists in the United States.

Culturally Responsive

An approach or practice that is respectful of and relevant to the beliefs, practices, culture, and linguistic needs of diverse population groups.

Ethnic Minority Children

Children who belong to racial or ethnic groups that are smaller in number within a particular society or country.