Suppose the Vector Gives the Numbers of Hamburgers, Chicken

question 13

Multiple Choice

Suppose the vector gives the numbers of hamburgers, chicken sandwiches, and cheeseburgers, respectively, sold at a fast-food restaurant in one week. The vector gives the prices (in dollars) per unit for the three food items. Determine the total revenue that the restaurant earned on its three products for that week. Round your answer to two decimal places.

• A) $12,079.58
• B) $12,118.58
• C) $24,138.16
• D) $12,068.58
• E) $24,136.16

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Definitions:

Marginal Cost

The increase in total cost that arises from producing an additional unit of output.

Lawn-mowing

The act of cutting the grass in a garden or lawn to maintain its appearance and health.

Perfectly Competitive

A market structure where many firms offer a homogeneous product, there are no barriers to entry or exit, and all firms are price takers.

Short Run

A period in economics during which at least one factor of production is considered fixed, limiting the firm's ability to adjust to changes in market demand.