In manufacturing a medical equipment, a firm incurs costs of two types. Fixed annual costs of $ 145,500 are incurred regardless of the number of units produced. In addition, each unit produced costs the firm $7. If C equals total annual cost in dollars and x equals the number of units produced during a year; a) Develop the linear function C = f(x) which expresses annual cost. b) Calculate f (320)? What does f (320) represent? c) What is the y-intercept in the linear function that you have formed in part a and what does it signify?

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter12: Algebra Of Matrices
Section12.CR: Review Problem Set
Problem 37CR
icon
Related questions
Question
In manufacturing a medical equipment, a firm incurs costs of two types. Fixed annual costs of $ 145,500
are incurred regardless of the number of units produced. In addition, each unit produced costs the firm $7.
If C equals total annual cost in dollars and x equals the number of units produced during a year;
a) Develop the linear function C = f(x) which expresses annual cost.
b) Calculate f (320)? What does f (320) represent?
c) What is the y-intercept in the linear function that you have formed in part a and what does it
signify?
Transcribed Image Text:In manufacturing a medical equipment, a firm incurs costs of two types. Fixed annual costs of $ 145,500 are incurred regardless of the number of units produced. In addition, each unit produced costs the firm $7. If C equals total annual cost in dollars and x equals the number of units produced during a year; a) Develop the linear function C = f(x) which expresses annual cost. b) Calculate f (320)? What does f (320) represent? c) What is the y-intercept in the linear function that you have formed in part a and what does it signify?
Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Differential Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning