The Demand for Professor Bongmore's New Book Is Given by the Function

question 2

Multiple Choice

The demand for Professor Bongmore's new book is given by the function Q = 8,000 - 100p.If the cost of having the book edited and typeset is $7,000, if the marginal cost of printing an extra copy is $4, and if he has no other costs, then he would maximize his profits by

• A)having it edited and typeset and selling 4,000 copies.
• B)not having it edited and typeset and not selling any copies.
• C)having it edited and typeset and selling 3,800 copies.
• D)having it edited and typeset and selling 7,600 copies.
• E)having it typeset and selling 1,900 copies.

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Definitions:

Post Hoc

is a term derived from the phrase "post hoc ergo propter hoc," meaning "after this, therefore because of this," commonly used to describe a logical fallacy where one event is incorrectly assumed to cause another just because it occurred earlier.

Economic Reasoning

Refers to the process of making decisions based on comparing costs and benefits.

Marginal Costs

The added expense to produce one more item; it can decrease or increase depending on production size and efficiency.

Marginal Benefits

The boost in satisfaction or usefulness derived from the consumption of an additional unit of a good or service.