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: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter9: Applications Of Cost Theory
Section: Chapter Questions
Problem 1.3CE
Question
the answer and add explanation properly at every steps and solve steps wise
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
Transcribed Image Text: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
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