Crazy Toys, Inc -Refer to the Figure

question 98

Multiple Choice

Crazy Toys, Inc.
Cost of Materials
$\begin{array}{lr}\text { No. of toys produced } & \text { Total cost of materials } \\100,000 & \$ 30,000 \\200,000 & \$ 60,000 \\300,000 & \$ 90,000\end{array}$
-Refer to the Figure.What is the total materials cost at a production level of 220,000 toys?

• A)$22,000
• B)$66,000
• C)$88,000
• D)$132,000

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Definitions:

Total Revenues

The overall amount of money generated by a business, organization, or individual from its activities, before any expenses are subtracted.

Midpoint Formula

The midpoint formula is a method used to find the middle point between two coordinate points on a line segment by averaging the x-coordinates and the y-coordinates.

Supply

The total amount of a product or service that is available for purchase at various prices in a given market.

Price-Elasticity

A measure that indicates how much the quantity demanded of a good responds to a change in the price of that good, with high elasticity indicating a significant response to price changes.