Table 17-3
the Table Shows the Demand Schedule for a Particular

question 161

Multiple Choice

Table 17-3
The table shows the demand schedule for a particular product.
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$$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Quantity Demanded } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Price } \\\text { (Dollars per unit) }\end{array} \\\hline 0 & 16 \\\hline 1 & 14 \\\hline 2 & 12 \\\hline 3 & 10 \\\hline 4 & 8 \\\hline 5 & 6 \\\hline 6 & 4 \\\hline 7 & 2 \\\hline 8 & 0 \\\hline\end{array}$$ ​
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-Refer to Table 17-3. Suppose the market for this product is served by two firms that have formed a cartel. If the marginal cost of production is $4 and each firm incurs a fixed cost of $6, the combined profit of the cartel will be

• A)$6
• B)$12
• C)$24
• D)$32

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Definitions:

Domain

The set of all possible input values for a function.

Rational Function

A function represented by the ratio of two polynomials.

Rational Expression

A ratio of two polynomials.

Simplify

The process of reducing an expression or equation to its simplest form, often by combining like terms or applying mathematical operations.