Use the Following Graph to Answer the Following Questions

question 313

Essay

Use the following graph to answer the following questions.

a.If the wage rate and the rental price of machines are both $50 and total cost is $800, is the cost-minimizing point A, B, or C?
b.If the wage rate is $40, the rental price of equipment is $120, and total cost is $1,200, is the cost-minimizing point A, B, or C?
c.If the wage rate is $60, the rental price of equipment is $90, and total cost is $1,800, is the cost-minimizing point A, B, or C?

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Definitions:

Operant Conditioning

A method of learning that uses rewards and punishments for behavior to increase or decrease the likelihood of a behavior being repeated.

Cognition

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.

Suprachiasmatic Nucleus

A small region of the brain in the hypothalamus responsible for controlling circadian rhythms.

Pineal Gland

A small endocrine gland in the brain that produces melatonin, a hormone that regulates sleep patterns.