Use the following diagram to answer the following questions.

-Refer to Diagram 4-1. If production of compact discs is currently represented by quantity Q₁. The total cost of this production is given by area:

Question

Use the following diagram to answer the following questions.
 
-Refer to Diagram 4-1. If production of compact discs is currently represented by quantity Q₁. The total cost of this production is given by area:

Quizplus · Accepted Answer

The total cost of production at quantity Q₁ is represented by the area under the supply curve up to that quantity. This area is 0AGI, where 0A represents the price axis up to the supply curve, and GI represents the quantity Q₁ on the horizontal axis.

Use the Following Diagram to Answer the Following Questions