A company manufactures two types of wood-burning stoves: a freestanding model and a fireplace-insert model. The cost function for producing x freestanding and y fireplace-insert stoves isC = 32Vxy + 160x + 230y + 1050.(a) Find the marginal costs (aC/ax and ac/ay) when x = 80 and y = 20.C(80,20) =Cy(80,20) =(b) When additional production is required, which model of stove results in the cost increasing at a higher rate? How can this be determined from the cost model?When additional production is required, the cost of the --Select---stove is increasing at a higher rate because aC/ây ? ac/ax.

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Answered: A company manufactures two types of…

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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Given two inputs X1 and X2 with prices W1 and W2 respectively and a production function Y=f(X1,X2), show that cost minimisation implies that the marginal rate of substitution between the inputs X1 and X2 is equal to the ratio of the two inputs prices
A company manufactures two types of woodburning stoves: a freestanding model and a fireplace-insert model. The cost function for producing x freestanding and y fireplace-insert stoves is C = 32√xy + 175x + 205y + 1050. (a) Find the marginal costs (∂C/∂x and ∂C/∂y) when x = 80 and y = 20. (b) When additional production is required, which model of stove results in the cost increasing at a higher rate? How can this be determined from the cost model?
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