Divide by Shortcut Method:160,000 ÷ 1,000

question 123

Short Answer

Divide by shortcut method:160,000 ÷ 1,000

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Definitions:

Cost Function

An equation that calculates the total cost of production based on the quantities of inputs used.

Output

The total amount of goods or services produced by a company or a production process.

Cost Function

A mathematical relationship that describes how the costs incurred by a firm change with various levels of output.

Profit-Maximizing

A strategy or approach taken by firms to adjust their production and pricing to achieve the highest possible profit.