Solve the Problem. -It Costs $800 to Start Up a Business of Selling

question 16

Multiple Choice

Solve the problem.
-It costs $800 to start up a business of selling hot dogs. Each hot dog costs $0.60 to produce. Find the cost function C(x) = mx + b whose input is the number of hot dogs and whose output is the total
Cost. Use this function to find the cost of producing 300 hot dogs?

• A) $18,800
• B) $180
• C) $980
• D) $860

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Definitions:

Production Costs

The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead costs.

Need For Workers

The demand for labor or employees by businesses and industries to perform tasks and produce goods and services.

Productivity Of Labor

A measure of economic performance that calculates the output of goods and services produced per unit of labor input.

Human Capital

The combined abilities, expertise, or other non-physical resources that individuals possess, which can generate economic benefits for the individuals themselves, their employers, or the society.