Suppose the total cost for a certain manufacturer is given in the following table: Number of widgets produced 100 150 Cost $2600 $3700 Our goal is to figure out the fixed and variable costs. Reminder: total cost is set up like Total Cost Fixed Costs Variable Cost. N We know the value of the total cost for two levels of production. We could use technology, specifically linear fit command, to find the equation, how C depends on N. a) Find the equation connecting C with N in this situation. b) What is the Fixed Cost for our manufacturer? c) How much is the Variable Cost for the manufacturer?

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Suppose the total cost for a certain manufacturer is given in the following table:
Number of widgets produced
100
150
Cost
$2600
$3700
Our goal is to figure out the fixed and variable costs. Reminder: total cost is set up like
Total Cost Fixed Costs Variable Cost. N
We know the value of the total cost for two levels of production. We could use technology, specifically
linear fit command, to find the equation, how C depends on N.
a) Find the equation connecting C with N in this situation.
b) What is the Fixed Cost for our manufacturer?
c) How much is the Variable Cost for the manufacturer?
Transcribed Image Text:Suppose the total cost for a certain manufacturer is given in the following table: Number of widgets produced 100 150 Cost $2600 $3700 Our goal is to figure out the fixed and variable costs. Reminder: total cost is set up like Total Cost Fixed Costs Variable Cost. N We know the value of the total cost for two levels of production. We could use technology, specifically linear fit command, to find the equation, how C depends on N. a) Find the equation connecting C with N in this situation. b) What is the Fixed Cost for our manufacturer? c) How much is the Variable Cost for the manufacturer?
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