Suppose a firm manufactures coffee makers and sells them for $75$75 each. The costs incurred for production and sale of the coffee makers are $1,000$1,000 plus $13$13 for each coffee maker produced.a. Write the function for monthly total costsC(x)=C(x)= b. What is the fixed cost? c. What is the marginal cost? d. Interpret the marginal cost. Each additional coffee maker made decreases the cost by this many dollars.If the number of coffee makers increases by this amount, the cost increases by $1.Each additional coffee maker made yields this many dollars in cost.If the number of units made is increased by this amount, the cost decreases by $1.e. What is C(300)C(300) ? f. Interpret C(300)C(300) When this many coffee makers are produced the cost is $300300.For every additional coffee maker produced the cost increases by this much.This is the cost (in dollars) of producing 300 coffee makers.For each $1 increase in cost this many more coffee makers can be produced.g. Write the function for total revenue R(x)=R(x)=

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Answered: Suppose a firm manufactures coffee…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose a firm manufactures coffee makers and sells them for $75$75 each. The costs incurred for production and sale of the coffee makers are $1,000$1,000 plus $13$13 for each coffee maker produced.

a. Write the function for monthly total costs

C(x)=C(x)=

b. What is the fixed cost?

c. What is the marginal cost?

d. Interpret the marginal cost.

Each additional coffee maker made decreases the cost by this many dollars.
If the number of coffee makers increases by this amount, the cost increases by $1.
Each additional coffee maker made yields this many dollars in cost.
If the number of units made is increased by this amount, the cost decreases by $1.

e. What is C(300)C(300) ?

f. Interpret C(300)C(300)

When this many coffee makers are produced the cost is $300300.
For every additional coffee maker produced the cost increases by this much.
This is the cost (in dollars) of producing 300 coffee makers.
For each $1 increase in cost this many more coffee makers can be produced.

g. Write the function for total revenue

R(x)=R(x)=

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