Solve the Problem $f ( x ) = 3 ^ { x } + 1$

question 61

Multiple Choice

Solve the problem.
-Suppose that $f ( x ) = 3 ^ { x } + 1$ . If $f ( x ) = 1 / 244$ , what is $x$ ?

• A) 5
• B) 1
• C) \(- 1\)
• D) \(- 5\)

---

Definitions:

LRMC

Long-Run Marginal Cost, which is the additional cost of producing one more unit of output when all inputs, including capital, are variable.

LRAC

Long-Run Average Cost, a curve that shows the lowest possible average cost of production, allowing all factors of production to vary.

Long-run Elasticities

Measure of responsiveness of demand or supply to changes in price or income, considered over a period long enough for all adjustments to be made.

Short-run Elasticities

Measures of how responsive the quantity demanded or supplied of a good is to a price change over a short period.