Solve the Problem. -Indicate Which Digit in 5,138,353 Has Place Value Hundred Thousands

question 162

Multiple Choice

Solve the problem.
-Indicate which digit in 5,138,353 has place value hundred thousands.

• A)3
• B)1
• C)0
• D)5

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Definitions:

Profit-Maximizing Output

The level of production at which a business achieves the highest possible profit, balancing costs against revenues.

Cost Function

A mathematical relation that describes how production costs vary with changes in the quantity of output produced.

Profit-Maximizing Output

The quantity of production that generates the highest possible profit for a firm, determined by the intersection of marginal cost and marginal revenue.

Price Equals Marginal Cost

This principle suggests that in a competitive market, firms set prices equal to their marginal cost of production, achieving economic efficiency.