Concept explainers
(a)
To express: The cost as a function of the number of toaster ovens produced.
(a)
Answer to Problem 22RE
Solution:
The cost function in terms of the number of toaster ovens produced is
Explanation of Solution
Given:
To produce 1000 toaster ovens in a week it costs $9000 and to produce 1500 it costs $12000.
The cost function follows a liner function.
Calculation:
Let the cost function as,
The slope of the line m is given by
According to the given data, there exist two points
The slope of line passes through
Substitute
Substitute
Therefore, the cost function is,
Use online graphing calculator and obtain the graph of function
(b)
To find: The slope of graph and explain what it represent.
(b)
Explanation of Solution
From part (a), the slope of the line is,
(c)
To find: The y-intercept of graph and explain what it represent.
(c)
Explanation of Solution
From part (a), the equation is,
Notice that the y-intercept is $3000. It represents the fixed cost even there is no production.
Chapter 1 Solutions
Single Variable Calculus: Concepts and Contexts, Enhanced Edition
- Calculus: Early TranscendentalsCalculusISBN:9781285741550Author:James StewartPublisher:Cengage LearningThomas' Calculus (14th Edition)CalculusISBN:9780134438986Author:Joel R. Hass, Christopher E. Heil, Maurice D. WeirPublisher:PEARSONCalculus: Early Transcendentals (3rd Edition)CalculusISBN:9780134763644Author:William L. Briggs, Lyle Cochran, Bernard Gillett, Eric SchulzPublisher:PEARSON
- Calculus: Early TranscendentalsCalculusISBN:9781319050740Author:Jon Rogawski, Colin Adams, Robert FranzosaPublisher:W. H. FreemanCalculus: Early Transcendental FunctionsCalculusISBN:9781337552516Author:Ron Larson, Bruce H. EdwardsPublisher:Cengage Learning