Figure 2-6

question 44

Multiple Choice

Figure 2-6.Seaview Company took the following data from their income statement at the end of the current year.
-Refer to Figure 2-6. What was gross margin for the year?

• A) $60,000
• B) $100,000
• C) $40,000
• D) none of these

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Definitions:

Production Function

An economic model that describes the relationship between inputs used in production and the resulting output.

Average Cost

The total cost of production divided by the number of goods produced, also known as cost per unit.

Copper

A reddish-brown, malleable, ductile metallic element with high electrical and thermal conductivity, used in many alloys and as electrical conductors.

Zinc

A metallic chemical element with the symbol Zn and atomic number 30, used in alloys and as a protective coating for iron and steel.