William installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs eight systems per day, his total costs are $400. William will install eight sound systems per day only if the eighth customer is willing to pay at least:.A. $400. B. $300 C. $50. D. $100.

D. $100

Explanation:

Given: William install 7 system per day at the cost of $300.

           William install 8 system per day at the total cost of $400.

Remember, If the marginal cost curve is upward-sloping, this means that as output increase, marginal costs will also increase.

Marginal cost is an additional cost incurred in producing additional unit of output.

Now, finding additional payment that eighth customer has to pay.

Change in marginal cost=

⇒ Change in marginal cost=  

∴  Change in marginal cost=

Hence, there is an increase in marginal cost by $100 as output increases, therefore, William will install eight sound systems per day only if the eighth customer is willing to pay at least $100.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answerprotecting competitors;