The Average Yearly Cost for Out-Of-Home Care for a Child

question 68

Multiple Choice

The average yearly cost for out-of-home care for a child in the United States ranges from:

• A) $4,000 to $11,000.
• B) $6,000 to $13,000.
• C) $8,000 to $12,000.
• D) $2,500 to $5,000.

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Definitions:

Isoquant

An isoquant is a curve that shows all the combinations of inputs that produce the same level of output, illustrating how inputs can be substituted for one another while maintaining output.

Isocost Curves

Lines on a graph that represent combinations of inputs (like labor and capital) that have the same total cost.

Marginal Rate

The rate at which a certain quantity changes with respect to a change in another quantity, often used in the context of taxes or production costs.

Cost Minimizing

The strategy or process of reducing expenses to the lowest possible level while maintaining the desired level of production quality or service.