The Population of a Certain City Is Projected to Grow

question 205

Multiple Choice

The population of a certain city is projected to grow at the rate of ; people/year, years from now. The current population is 70,000. What will be the population 5 years from now?
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• A) 73,155 people
• B) 73,145 people
• C) 73,175 people
• D) 73,105 people

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Definitions:

Factor Price

The payment for the use of a factor of production, such as labor wages, rent for land, or interest for capital.

Production Function

A mathematical representation outlining how inputs are transformed into outputs in a production process.

Profit-maximizing

The business objective of achieving the highest possible profit from operations, achieved by balancing costs and revenues.

Factor Price

The payment received by a factor of production, for example, wages for labor, rent for land, or interest for capital.