Concept explainers
Cost Function The simplest cost function is the linear cost function, , where the represents the fixed costs of operating a business and the slope represents the cost of each item produced. Suppose that a small bicycle manufacturer has daily fixed costs of , and each bicycle costs to manufacture.
a. Write a linear model that expresses the cost of manufacturing bicycles in a day.
b. Graph the model.
c. What is the cost of manufacturing 14 bicycles in a day?
d. How many bicycles could be manufactured for ?
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