Figure 3-4

question 67

Multiple Choice

Figure 3-4.Botana Company constructed the following formula for monthly utility cost.Total utility cost = $1,200 + ($8.10 * labor hours)
Assume that 775 labor hours are budgeted for the month of April.
-Refer to Figure 3-4. Calculate the total utility cost for the month of April.

• A) $7,477.50
• B) $6,277.50
• C) $1,200.00
• D) $5,077.50

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Definitions:

Price

The amount of money required to purchase a good or service, typically determined by supply and demand.

Quantity

The amount or number of a product or service that is available for use or sale.

Technological Advance

Innovations and improvements in technology that increase production efficiency or introduce new goods and services.

Equilibrium Price

The market price where the quantity of goods supplied is equal to the quantity of goods demanded, leading to market stability.