Figure 3-9

question 1

Multiple Choice

Figure 3-9.The following cost formula was developed using monthly data for a retail clothing store.Total cost = $75,620 + ($242 * number of customers)
-Refer to Figure 3-9. The term "total cost"

• A) is the independent variable.
• B) is the dependant variable.
• C) is the intercept.
• D) is the variable rate.

---

Definitions:

Economic Well-being

The state in which individuals or societies can satisfy their needs and desires, often measured by income, employment, and access to resources.

Taxes Affect

Describes how taxes influence economic decisions and behaviours of individuals and businesses, including consumption, investment, and savings.

Labor Supply

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

Inelastic

A situation in which the demand or supply for a good or service is relatively unresponsive to changes in price.