Explanation Given: Marginal cost is $75; 50 items cost $4300 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 marginal cost is m = 75 . Then, the cost function is C ( x ) = 75 x + b . The cost to produce 50 items is $4300, C ( 50 ) = 4300 . Substitute 50 for x in C ( x ) = 75 x + b and obtain the fixed cost

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ISBN: 8220102020252

Author: RITCHEY

Publisher: PEARSON

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Chapter 1.2, Problem 26E

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Chapter 1 Solutions

EBK FINITE MATHEMATICS AND CALCULUS WIT

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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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