**Writing a Cost Function for a Cab Service**To create a cost function for this problem, let's assume that the relationship is linear.**Scenario:**A cab company charges a base rate of $1.50, plus an additional 15 cents per minute. Let $ C(x) $ represent the total cost in dollars for using the cab for $ x $ minutes.**Steps to Formulate the Cost Function:**1. **Identify the Base Charge:** - The initial flat fee is $1.50.2. **Determine the Variable Charge:** - There is an additional charge of 15 cents per minute, which is expressed as $0.15 per minute.3. **Create the Cost Function:** - The total cost $ C(x) $ can be written as the sum of the base charge and the product of the per-minute charge multiplied by the number of minutes: \[ C(x) = 1.50 + 0.15x \]**Explanation:**- The term $ 1.50 $ represents the fixed starting cost.- The term $ 0.15x $ accounts for the cost that accumulates over time, where $ x $ is the number of minutes.This formula provides a clear mathematical model to determine the total fare for any duration of use.

Base Rate = $1.50Variable Rate = 15 cents per minuteCost function to be denoted by C(x)

Answered: Write a cost function for the problem.…

Practical Management Science

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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Write a cost function for the problem. Assume that the relationship is linear. 5) A cab company charges a base rate of $1.50 plus 15 cents per minute. Let C(x) be the cost in dollars of using the cab for x minutes.