A Certain Battery Charger Uses 12 W of Power

question 41

Multiple Choice

A certain battery charger uses 12 W of power. At 6.0 cents per kilowatt-hour, how much does it cost to charge batteries for a full day?

• A) 1.4¢
• B) 28¢
• C) 1.7¢
• D) 75¢
• E) 2.3¢

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Definitions:

Short Run

This term refers to a timeframe in economic analysis where at least one factor of production is considered fixed, distinguishing short-term operational decisions from long-term planning.

Variable Costs

Costs that vary directly with the level of production or output, such as materials and labor, differing from fixed costs which remain constant regardless of output.

Total Revenue

Total Revenue is the entire amount of income generated by the sale of goods or services related to a company's primary operations.

Abba Lerner

An economist known for his contributions to Keynesian economics, particularly his work on the theory of functional finance.