Suppose the Rate of Production of a New Line of Products

question 21

Multiple Choice

Suppose the rate of production of a new line of products is given by where x is the number of items produced and t is the number of weeks the products have been in production. How many units were produced in the first 3 weeks? Round your answer to the nearest unit produced. ​

• A) 505 units
• B) 695 units
• C) 895 units
• D) 305 units
• E) 495 units

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Definitions:

Economic Profits

A rephrased definition: The surplus achieved by a firm after accounting for both the operating expenses and the opportunity costs of all resources employed.

Monopolistically Competitive

A market structure featuring many firms selling products that are similar but not identical, allowing for some degree of market power and price setting.

Long Run

A period in economics during which all factors of production and costs are variable, allowing firms to adjust all inputs.

Deli

A short form for delicatessen, which is a store or counter specializing in prepared foods, sandwiches, and specialty groceries.