The Linear Equation Y=443 X+3420 Provides an Approximation

question 116

Multiple Choice

The linear equation y=443 x+3420 provides an approximation of the annual cost (in dollars) of health insurance for a family of three, where x=1 represents 2011, x=2 represents 2012, and so on. Write an equation that yields the same y -values when the exact year number is entered.

• A) y=443(2010-x)+3420
• B) y=443(x-2011)+3420
• C) y=443(x-2010)+3420
• D) y=443(2011-x)+3420

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Definitions:

Optimal Production Technique

A method that contributes to the most efficient process of producing goods and services given the available resources and technology.

Price of Capital

The cost of using capital assets, including the interest or finance charges paid on borrowed funds or the opportunity cost of using owned capital.

Price of Labor

The wage rate or the cost of hiring workers in the labor market.

Minimize Costs

The process of finding ways to reduce expenses and lower the cost of production in order to increase profitability.