Concept explainers
Average Cost For Exercises 21 and 22, recall that if the cost of producing x units is
A taxi driver must pay a daily fee of $75 to the cab company and has marginal costs of $.50 per mile.
a. Find me daily cost function
b. Find the average cost function
c. Find
d. Find
e. Find the horizontal asymptote of
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Mathematics with Applications In the Management, Natural, and Social Sciences (12th Edition)
- SKILL BUILDING EXERCISES Marginal Profit: Your goal is to maximize profit. What value of marginal profit should you seek?arrow_forwardWhen Date Are Unevenly speed. If data are evenly spaced, we need only calculate differences to see whether the data are linear. But if data are not evenly spaced, then we must calculate the average rate of change over each interval to see whether the data are linear. If the average rate of change is constant, it is the slope of the linear function. This fact is used in Exercises 23 and 24. In the following table, show that the average rate of change from 2 to 5 is not the same as the average rate of change from 5 to 6. This shows that the data are not linear, even though the differences in y are constant. x 1 2 5 6 y 3 6 9 12arrow_forwardTotal Cost The background for this exercise can be found in Exercises 13 and 14 in Section 3.2. The following table gives the total cost C, in dollars, for a widget manufacturer as a function of the number N of widgets produced during a month. Number N Total cost C 200 7900 250 9650 300 11, 400 350 13, 150 a. What are the fixed costs and variable cost for this manufacturer? b. The manufacturer wants to reduce the fixed costs so that the total cost at a monthly production level of 350 will be 12, 975. What will the new fixed costs be? c. Instead of reducing the fixed costs as in part b, the manufacturer wants to reduce the variable cost so that the total cost at a monthly production level of 350 will be 12, 975. What will the new variable cost be?arrow_forward
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