Simplify
- $\frac { \left| 5 - 4 ^ { 3 } \right| - 3 } { 8 + 8 }$

question 463

Multiple Choice

Simplify.
- $\frac { \left| 5 - 4 ^ { 3 } \right| - 3 } { 8 + 8 }$

• A) \(- \frac { 31 } { 8 }\)
• B) \(\frac { 31 } { 8 }\)
• C) \(- \frac { 1 } { 8 }\)
• D) \(\frac { 7 } { 2 }\)

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Definitions:

Factor Prices

The prices of the inputs used in the production process, such as labor and capital.

Production Function

An equation that specifies the output that a firm can produce with varying combinations of inputs, such as labor and capital.

Supply Function

A mathematical relationship that describes the quantity of goods that producers are willing and able to sell at different prices.

Cost Function

A mathematical formula used to calculate the total cost incurred by a company to produce a given level of output.