Suppose that the monthly cost, in dollars, of producing x chairs is C(x)=0.005x3+0.07x2+18x+700, and currently 50 chairs are produced monthly. a) What is the current monthly cost? b) What is the marginal cost when x=50? c) Use the result from part (b) to estimate the monthly cost of increasing production to 52 chairs per month. d) What would be the actual additional monthly cost of increasing production to 52 chairs monthly?

Suppose that the monthly cost, in dollars, of producing x chairs is C(x)=0.005x3+0.07x2+18x+700, and currently 50 chairs are produced monthly. a) What is the current monthly cost? b) What is the marginal cost when x=50? c) Use the result from part (b) to estimate the monthly cost of increasing production to 52 chairs per month. d) What would be the actual additional monthly cost of increasing production to 52 chairs monthly?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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a)	What is the current monthly cost?
b)	What is the marginal cost when x=50?
c)	Use the result from part (b) to estimate the monthly cost of increasing production to 52 chairs per month.
d)	What would be the actual additional monthly cost of increasing production to 52 chairs monthly?