Suppose that the monthly cost, in dollars, of producing x chairs is C(x) = 0.005x + 0.07x + 15x + 700, and a) What is the current monthly cost? b) What would be the additional cost of increasing production to 41 chairs monthly? c) What is the marginal cost when x = 40? d) Use the marginal cost to estimate the difference in cost between producing 40 and 42 chairs per month. e) Use the answer from part (d) to predict C(42). a) The current monthly cost is $1732 (Round to the nearest cent as needed.) b) The additional cost of increasing production to 41 chairs monthly is $45.28 (Round to the nearest cent as needed.) c) The marginal cost when x= 40 is $44.6 (Round to the nearest cent as needed.) %3D d) Using the marginal cost found in part c), the difference between producing 40 and 42 chairs per month is $ (Round to the nearest cent as needed.) e) C(42) = $ (Round to the nearest cent as needed.) %3D Enter your answer in each of the answer boxes.
Suppose that the monthly cost, in dollars, of producing x chairs is C(x) = 0.005x + 0.07x + 15x + 700, and a) What is the current monthly cost? b) What would be the additional cost of increasing production to 41 chairs monthly? c) What is the marginal cost when x = 40? d) Use the marginal cost to estimate the difference in cost between producing 40 and 42 chairs per month. e) Use the answer from part (d) to predict C(42). a) The current monthly cost is $1732 (Round to the nearest cent as needed.) b) The additional cost of increasing production to 41 chairs monthly is $45.28 (Round to the nearest cent as needed.) c) The marginal cost when x= 40 is $44.6 (Round to the nearest cent as needed.) %3D d) Using the marginal cost found in part c), the difference between producing 40 and 42 chairs per month is $ (Round to the nearest cent as needed.) e) C(42) = $ (Round to the nearest cent as needed.) %3D Enter your answer in each of the answer boxes.
Chapter22: Supply: The Costs Of Doing Business
Section: Chapter Questions
Problem 11E
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I need part c and d only please and thanks
Transcribed Image Text:Suppose that the monthly cost, in dollars, of producing x chairs is C(x) = 0.005x° + 0.07x- + 15x + 700, and currently 40 chairs are produced monthly.
a) What is the current monthly cost?
b) What would be the additional cost of increasing production to 41 chairs monthly?
c) What is the marginal cost when x = 40?
d) Use the marginal cost to estimate the difference in cost between producing 40 and 42 chairs per month.
e) Use the answer from part (d) to predict C(42).
a) The current monthly cost is $1732
(Round to the nearest cent as needed.)
b) The additional cost of increasing production to 41 chairs monthly is $ 45.28
(Round to the nearest cent as needed.)
c) The marginal cost when x= 40 is $44.6
(Round to the nearest cent as needed.)
d) Using the marginal cost found in part c), the difference between producing 40 and 42 chairs per month is $
(Round to the nearest cent as needed.)
e) C(42) = $
(Round to the nearest cent as needed.)
Enter your answer in each of the answer boxes.
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Marginal cost is the additional cost incurred in order to produce an additional unit of output.
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