A Function Defined By $f ( x ) = a x ^ { 2 } + b x + c ( a \neq 0 )$

question 200

Short Answer

A function defined by $f ( x ) = a x ^ { 2 } + b x + c ( a \neq 0 )$ 0) is called a________ function.

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Definitions:

Explicit Costs

These are direct payments made to others in the course of running a business, such as wages, rent, and materials.

Implicit Costs

Costs that represent potential benefits foregone when resources are not utilized in their next-best alternative use.

Economic Profit

The financial gain achieved when revenues from business activity exceed the explicit and implicit costs of that activity.

Implicit Costs

Costs that represent the opportunity costs of using resources that the firm already owns, unlike explicit costs which involve direct monetary outlay.