The total cost of producing 1 unit of a product is given by C, v)- 70 + 0.Sx+ 70y - xy dollars where x is the hourty labor rate and y is the cost per pound of raw materials. The current hourly rate is $28, and the raw materials cost $5 per pound. (a) How will an increase of $1 per pound for the raw materials affect the total cost? The total cost willSelect by $ (b) How will an increase of $1 in the hourly labor rate affect the total cost? The total cost will-Selec by s Need Help? Read Wenh

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