A linear cost function is C(x) = 7x + 150. (Assume C is measured in dollars.) (a) What are the slope and the C-intercept? slope 7 C-intercept 150 (b) What is the marginal cost MC? MC = 7 What does the marginal cost mean? O If production is increased by this many units, the cost increases by $1. Each additional unit produced costs this much (in dollars). O Each additional unit produced reduces the cost by this much (in dollars). O If production is increased by this many units, the cost decreases by $1. (c) How are your answers to parts (a) and (b) related? slope O marginal cost C-interce slope = marginal cost, and C-intercept = fixed costs C-intercept = marginal cost slope O slope fixed costs, and C-intercept = marginal cost = (d) What is the cost of producing one more item if 50 are currently being produced? $9 X What is the cost of producing one more item if 100 are currently being produced? $9 x

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In 2006, Warren Buffett, the world’s second richest individual, announced that over the next few years he would be giving 85% of his wealth, over $30 billion, to the Bill & Melinda Gates Foundation. The foundation focuses on grants to developing nations, helping the poorest of the poor. What suggestions would you give the foundation to help these developing nations grow?  

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