The Following Table Shows Data for the Cost of Humidifiers

question 23

Multiple Choice

The following table shows data for the cost of humidifiers based on the number of humidifiers produced. Find a linear model for the cost C of producing x humidifiers.

• A) C = 1.05 + 87 x
• B) C = 1.05 x
• C) C = 87 + 1.05 x
• D) C = 87 + 20 x
• E) C = 87 x

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Definitions:

Purely Competitive

A market structure characterized by many firms selling identical products, where no single firm can influence the market price.

Monopsonist

A monopsonist is a market condition where there is only one buyer in a market, giving this buyer significant control over the price and terms of purchase.

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, across an economy or market.

Marginal Revenue Product

The additional revenue a firm earns by employing one more unit of input, such as labor or capital.