C(x) = Use your function to answer the following questions. (a) What is the cost of renting two tuxes? 24 (b) What is the cost of the second tux? %$4 (c) What is the cost of the 4,098th tux? %24 (d) What is the variable cost? %24 What is the fixed cost? %24 What is the marginal cost? $4

C(x) = Use your function to answer the following questions. (a) What is the cost of renting two tuxes? 24 (b) What is the cost of the second tux? %$4 (c) What is the cost of the 4,098th tux? %24 (d) What is the variable cost? %24 What is the fixed cost? %24 What is the marginal cost? $4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The cost of renting tuxes for the Choral Society's formal is $21 down, plus $87 per tux. Express the cost C as a function of x, the number of tuxedos rented.
C(x) =
Use your function to answer the following questions.
(a) What is the cost of renting two tuxes?
%$4
(b) What is the cost of the second tux?
$4
(c) What is the cost of the 4,098th tux?
2$
(d) What is the variable cost?
%24
What is the fixed cost?
$4
What is the marginal cost?
%24

Expert Solution

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Total cost is the cost that includes variable as well as a fixed cost of the production process.

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