Explanation Given: Fixed cost is $35; 8 items cost $395 to produce. Calculation: Let x be the number items and C ( x ) be the cost of producing x items. Since the cost function is linear, it can be expressed in the form C ( x ) = m x + b , where m is the marginal cost and b is fixed cost. Here, the fixed cost is b = 35 . Then, the cost function is C ( x ) = m x + 35 . The cost to produce 8 items is $395, C ( 8 ) = 395 . Substitute 8 for x in C ( x ) = m x + 35 and obtain the marginal cost

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ISBN: 8220102020252

Author: RITCHEY

Publisher: PEARSON

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Chapter 1.2, Problem 24E

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Chapter 1.2, Problem 23E

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Solution Summary: The author explains how the cost function can be expressed in the form C(x)=mx+b, where m is the marginal cost and b is fixed cost.

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