Answer the Following Questions Using the Information Below

question 167

Multiple Choice

Answer the following questions using the information below:
The Gangwere Company has assembled the following data pertaining to certain costs that cannot be easily identified as either fixed or variable. Gangwere Company has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation.

-How is the cost function stated?

• A)y = $26,672 + $1.84X
• B)y = $21,360 + $10.40
• C)y = $10,112 + $8.64X
• D)y = $3,600 + $10.40X

Understand and predict the products of specific acid-base reactions, including neutralization and saponification.

Describe the effects of acids and bases on indicators such as pH.

Calculate the concentration of hydrogen ions ([H+]) from pH values and vice versa.

Understand the concepts of reduction and oxidation in chemical reactions.

---

Definitions:

Long Run

A period in which all factors of production and costs can be fully adjusted, including entry and exit of firms.

Economic Profits

Profits that exceed the opportunity costs of all inputs, indicating a return beyond the norm expected in competitive markets.

Total Cost

The sum of all costs incurred in the production of goods or services, including both fixed and variable costs.

Profitable Level

The point at which a business or economic activity generates revenue that exceeds its costs, resulting in a financial gain.