Write the Word or Phrase That Best Completes Each Statement $p$

question 162

Essay

Write the word or phrase that best completes each statement or answers the question.
-The price $p$ of a certain product and the quantity sold $x$ obey the demand equation $p = - \frac { 2 } { 3 } x + 200,0 \leq x \leq 300$ .
Suppose that the cost $C$ of producing $x$ units is $C = \frac { \sqrt { x } } { 20 } + 800$ . Assuming that all items produced are sold, find the cost $C$ as a function of the price $p$ .

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Definitions:

Aggregate Inflation

Aggregate inflation refers to the overall general increase in prices across the economy, reducing the purchasing power of money.

Unemployment

The failure to use all available economic resources to produce desired goods and services; the failure of the economy to fully employ its labor force.

Command Economies

Economic systems where the government controls the production, distribution, and consumption of goods and services.

Positive Statement

An objective statement based on fact that can be tested and validated, often used in the description of economic behaviors.