-Using the Above Table, What Is the Total Utility of Consuming

question 70

Multiple Choice

-Using the above table, what is the total utility of consuming 3 bottles of soda?

• A) 115
• B) 120
• C) 240
• D) 135

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Definitions:

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.

Variable Costs

Expenses that change in proportion to the activity of a business, such as raw material and labor costs.

Accounting Profit

The total revenue of a business minus the explicit costs and depreciation expenses, reflecting the net income on the financial statements.

Variable Costs

Costs that vary directly with the level of production or the volume of services provided.