Solve the Problem. -The Cost of a Cab Ride in Dollars Is Given

question 83

Multiple Choice

Solve the problem.
-The cost of a cab ride in dollars is given by C(x) = 1.80 + 1.10x, where x is the number of miles. What are the charges for a ride of 25 miles?

• A)$46.10
• B)$72.50
• C)$49.50
• D)$29.30

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Definitions:

Demand Increase

A situation where the quantity of a product or service that consumers are willing and able to buy at a given price rises.

Price Elasticity

The sensitivity measure of demand for a good relative to its price changes.

Demand Curve

It illustrates the relationship between the price of a good or service and the quantity demanded for a given period, assuming all other factors are constant (ceteris paribus).

Midpoint Method

A technique used in economics to calculate the elasticity of a variable, which averages the starting and ending values to minimize the bias in the elasticities calculated at different points.