A Rectangular Box Is to Have a Square Base and a Volume

question 73

Multiple Choice

A rectangular box is to have a square base and a volume of 32 . If the material for the base costs 10 cent/square foot, the material for the sides costs 30 cent/square foot, and the material for the top costs 20 cent/square foot, determine the dimensions of the box that can be constructed at minimum cost.

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Definitions:

Long Run

A period in economics where all factors of production and costs are variable, allowing companies to adjust to market demands.

Prices

The amount of money required to purchase a good or service, serving as a signal for scarcity and demand in the market.

Unemployment

The condition of being jobless and actively seeking employment.

Phillips Curve

An economic concept illustrating an inverse relationship between rates of unemployment and rates of inflation within an economy.