Table 24-13

question 400

Multiple Choice

Table 24-13. Olivia's expenditures on clothing for three consecutive years, along with some values for the CPI, are presented in the table below.
-Refer to Table 24-13. To the nearest dollar, how much is Olivia's 2010 clothing expenditure in 2011 dollars?

• A)$1,683
• B)$1,778
• C)$1,800
• D)$3,600

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Definitions:

Marginal Costs

The supplementary cost involved in the production of one more unit of a product or service.

Production Possibilities Curve

A graph that shows the maximum number of possible units of two commodities that a economy can produce with available resources and technology.

Marginal Benefit

The incremental gain in happiness or usefulness obtained through consuming an extra unit of a good or service.

Marginal Cost

Marginal cost is the cost incurred by producing one additional unit of a product or service, emphasizing the concept of variable costing.