Answer:
Results are below.
Explanation:
Giving the following information:
Month Number of instruments used Total autoclave cost
January 634 $7,466
February 534 6,526
March 734 7,148
April 934 9,028
May 834 7,744
June 1,034 8,596
July 1,234 10,009
August 1,134 9,924
<u>To determine the fixed and variable cost, we need to use the high-low method:</u>
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (10,009 - 6,526) / (1,234 - 534 )
Variable cost per unit= $4.9757 per unit
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 10,009 - (4.9757*1,234)
Fixed costs= $3,869
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 6,526 - (4.9757*534)
Fixed costs= $3,869
Total cost= 3,869 + 4.9757x
x= number of instruments
2) The area has a major shipping port.
4) There is a major city 50 miles away from the region.
5) The area has warm weather and ocean beaches.
Number 2 tells about the economy and how they trade. Number 4 tells about were the major city is which tells you that they aren't that big, so they don't have a huge economy. Number 5 tells you about how they might farm.
Hope this helps
The correct option is C. The price of a product is set where both buyers and sellers are satisfied that phrase describes the market equilibrium.
<h3>
What is the difference between market price and equilibrium price?</h3>
Demand and supply are interdependent, and this relationship determines market pricing. Demand and supply forces are balanced at an equilibrium price. Prices have a propensity to return to this equilibrium unless certain demand or supply characteristics alter.
The price at which the quantity of supply and demand is balanced is known as the equilibrium price. The point where the demand and supply curves cross is what determines it. There is a surplus when there is more supply of an item or service than there is demand for it at the going rate; this forces the price down.
Thus, C is the right answer. The market equilibrium is defined as the price of a good being determined at which both buyers and sellers are content.
Learn more about Equilibrium here:
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Clientele would be your customers, or clients.