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-minimising point A, B, or C?
b. If the wage rate is $40, the rental price of equipment is $120, and total cost is $1200, is the cost-minimising point A, B, or C?
c. If the wage rate is $60, the rental price of equipment is $90, and total cost is $1800, is the cost-minimising point A, B, or C?
Definitions:
Calibrating
Adjusting the performance of a tool, instrument, or system to ensure its accuracy and reliability based on a known standard.
Palpating
The act of examining or exploring body parts by touch.
Mensuration
The act or process of measuring. In mathematics, it typically refers to the measurement of geometric figures and their areas and volumes.
Calibrating
The process of adjusting an instrument or tool so that its measurements are aligned with a known standard or accuracy.
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