Solve the Problem. -The Retail Cost of a Computer Is 22% More Than

question 279

Multiple Choice

Solve the problem.
-The retail cost of a computer is 22% more than its wholesale cost. Determine which of the statement's below is true.

• A)The retail cost of the computer is 122% more than the wholesale price.
• B)The retail cost of the computer is 122% of the wholesale price.
• C)The wholesale cost of the computer is 78% of the retail price.
• D)The retail cost of the computer is 22% of the wholesale price.

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Definitions:

Lagrangian Technique

A mathematical method used in economics and engineering to find the maximum or minimum values of a function subject to constraints.

Optimal Capital/Labor Ratio

The most efficient mix of capital and labor that maximizes output or minimizes cost for producing a given level of output.

Production Function

An equation that describes the maximum output of a firm, given the quantity of inputs.

Variable Cost Function

A mathematical representation of the costs that vary with the level of output or activity, unlike fixed costs.