The total cost (in dollars) of producing x food processors is C(x) = 1600 + 40x – 0.7x². (A) Find the exact cost of producing the 21st food processor. (B) Use the marginal cost to approximate the cost of producing the 21st food processor. ..... (A) The exact cost of producing the 21st food processor is $ 11.3 . (B) Using the marginal cost, the approximate cost of producing the 21st food processor is $

The total cost (in dollars) of producing x food processors is C(x) = 1600 + 40x – 0.7x². (A) Find the exact cost of producing the 21st food processor. (B) Use the marginal cost to approximate the cost of producing the 21st food processor. ..... (A) The exact cost of producing the 21st food processor is $ 11.3 . (B) Using the marginal cost, the approximate cost of producing the 21st food processor is $

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 3MC

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The total cost C for a manufacturer during a given time period is a function of the number N of items produced during that period. To determine a formula for the total cost, we need to know two things. The first is the manufacturer's fixed costs. This amount covers expenses such as plant maintenance and insurance, and it is the same no matter how many items are produced. The second thing we need to know is the cost for each unit produced, which is called the variable cost.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…
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