Let C(A) be the cost of building a house as a function of the house's area (in square feet). It costs $300,000 to build a 2,000 square foot home. a) What are the units of C'(A) (C prime of A)? b) C'(A) can be thought of as the cost of adding another square foot to the house. Economists call this the marginal cost. Why would marginal cost not be a constant?
Let C(A) be the cost of building a house as a function of the house's area (in square feet). It costs $300,000 to build a 2,000 square foot home. a) What are the units of C'(A) (C prime of A)? b) C'(A) can be thought of as the cost of adding another square foot to the house. Economists call this the marginal cost. Why would marginal cost not be a constant?
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Question
Let C(A) be the cost of building a house as a function of the house's area (in square feet). It costs $300,000 to build a 2,000 square foot home.
a) What are the units of C'(A) (C prime of A)?
b) C'(A) can be thought of as the cost of adding another square foot to the house. Economists call this the marginal cost. Why would marginal cost not be a constant?
Expert Solution
Step 1
1)
C'(A) will tell us the change in cost per change in area.
So, C'(A) should have unit as $ per ft2
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