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33. If the average fuel cost is $1.35 per gallon, then the annual fuel cost of driving a car 15,000 mi/yr is ap- proximately C = 20,250 X

33. If the average fuel cost is $1.35 per gallon, then the annual fuel cost of driving a car 15,000 mi/yr is ap- proximately C = 20,250 X

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...
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Can you please help me answer this number 33 question? Thank you so much
33. If the average fuel cost is $1.35 per gallon, then the annual fuel cost of driving a car 15,000 mi/yr is ap- proximately C = X 20,250 where x is the number of miles per gallon. (a) Complete the following table and use it to sketch the graph of the cost function: с X 10 15 20 25 30 35 40
Transcribed Image Text:33. If the average fuel cost is $1.35 per gallon, then the annual fuel cost of driving a car 15,000 mi/yr is ap- proximately C = X 20,250 where x is the number of miles per gallon. (a) Complete the following table and use it to sketch the graph of the cost function: с X 10 15 20 25 30 35 40
(b) Complete the following table for the marginal cost: X dC dx 10 15 20 25 30 35 40 (c) Find the change in annual fuel cost when x in- creases from 10 to 11 and compare this with the marginal cost when x = 10. (d) Find the change in annual fuel cost when x in- creases from 30 to 31 and compare this with the marginal cost when x = 30.
Transcribed Image Text:(b) Complete the following table for the marginal cost: X dC dx 10 15 20 25 30 35 40 (c) Find the change in annual fuel cost when x in- creases from 10 to 11 and compare this with the marginal cost when x = 10. (d) Find the change in annual fuel cost when x in- creases from 30 to 31 and compare this with the marginal cost when x = 30.
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