Suppose that a manufacturer of widgets has fixed costs of $1000 per month and that the variable cost is $20 per widget (so it costs $20 to produce 1 widget). Explain why the function giving the total monthly cost C, in dollars, of this widget manufacturer in terms of the number N of widgets produced in a month is linear. C always increases by $20 when N increases by ______. Therefore, C has a constant rate of change and so is a linear function of N. Identify the slope and initial value of this function. slope          initial value      $   Write down a formula. C(N) =

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A: The value of correlation exponent can be calculated as follows:

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A: For department A: Rate direct labor hour(R) can be calculated as follows:

Q: a） Find the equation of the total cost function if total costs are 5200 when ? = 8.

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A:

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A: Unit Method is a very simple and quick method. Number of units are counted and are then multiplied…

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A: Average total cost is the total of all production costs divided by the amount of output produced. It…

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A:

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A: Slope = 20 Initial Value = $1020 Formula  Total Cost = Fixed Cost + Variable Cost  Total Cost = 1000…

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Q: True or False Total cost can increase as a result of an increase in variable cost.

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A:

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Q: Derive (Mathematically and graphically) the cost minimization condition.

A: Let’s assume the following in order to derive the cost minimization conditions.

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A: Given,

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Q: variable production cost and the price of a product were both reduced by $1.00 per unit, which of…

A: Variable cost is the cost which keeps on changing with the change in the output level. Variable cost…

Q: Write the MC function if the total cost function is TC = 100 + 120q + q^2

A: Given the total cost: TC = 100 + 120q + q2 MC = dTCdq

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Q: The weekly cost C of producing x units in a manufacturing process is given by  C(x) = 60x + 2250.…

A: The cot function i given as C(x) = 60x + 2250.

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A:

Q: Calculate the average cost when the total cost for the production of 3 units is $75

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