A golf ball manufacturer knows the cost associated with various hourly production levels, given below. Production Costs for Golf Balls Production (hundred balls b) 2 Cost (dollars C) 240 5 365 00 8 440 11 496 14 530 17 563 20 619 (a) Write the function for the cubic model that gives the production costs for golf balls in dollars where b is the hourly production level in hundred balls, with data from 2≤ b < 20. (Round all numerical values to three decimal places.) C(b) = dollars (b) If 1000 balls are currently being produced each hour, calculate the marginal cost at that level of production. (Round your answer to three decimal places.) $ per hundred balls Interpret the result. (Round your numerical answer to three decimal places.) At an hourly production level of 1000 golf balls, production cost is ---Select--- hundred golf balls. by $ per (c) Construct the function for the model that gives average cost in dollars per hundred balls where b is the hourly production level in hundred balls, with data from 2 ≤ b ≤20. (Round all numerical values to three decimal places.) C(b) = dollars per hundred balls (d) Calculate the rate of change of average cost for hourly production levels of 1000 golf balls. (Round your answer to three decimal places.) $ per hundred balls per hundred balls Interpret the result. (Round your numerical answer to three decimal places.) Need Help? At an hourly production level of 1000 golf balls, average production cost is ---Select--- ✓ by per hundred golf balls per hundred golf balls. $ Read It
A golf ball manufacturer knows the cost associated with various hourly production levels, given below. Production Costs for Golf Balls Production (hundred balls b) 2 Cost (dollars C) 240 5 365 00 8 440 11 496 14 530 17 563 20 619 (a) Write the function for the cubic model that gives the production costs for golf balls in dollars where b is the hourly production level in hundred balls, with data from 2≤ b < 20. (Round all numerical values to three decimal places.) C(b) = dollars (b) If 1000 balls are currently being produced each hour, calculate the marginal cost at that level of production. (Round your answer to three decimal places.) $ per hundred balls Interpret the result. (Round your numerical answer to three decimal places.) At an hourly production level of 1000 golf balls, production cost is ---Select--- hundred golf balls. by $ per (c) Construct the function for the model that gives average cost in dollars per hundred balls where b is the hourly production level in hundred balls, with data from 2 ≤ b ≤20. (Round all numerical values to three decimal places.) C(b) = dollars per hundred balls (d) Calculate the rate of change of average cost for hourly production levels of 1000 golf balls. (Round your answer to three decimal places.) $ per hundred balls per hundred balls Interpret the result. (Round your numerical answer to three decimal places.) Need Help? At an hourly production level of 1000 golf balls, average production cost is ---Select--- ✓ by per hundred golf balls per hundred golf balls. $ Read It
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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