Write an Equation to Represent the Problem

question 20

Multiple Choice

Write an equation to represent the problem.
-Jennifer Park's 2007 income was 6.9% greater than her 2006 income. Her income in 2007 was $78,100. Let i represent 2006 income.

• A) i - 0.069i = 78,100
• B) 2i + 0.069i = 78,100
• C) i + 0.069·78,100 = 78,100
• D) i + 0.069i = 78,100

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Definitions:

Marginal Revenue

The extra revenue earned by selling an additional unit of a product or service.

Profit-Maximizing Monopolist

A monopolistic firm that seeks to maximize its profits by adjusting output or prices, considering its unique market power without competition.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Monopolist

An individual or company that possesses exclusive control over the supply or trade of a commodity or service.