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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Question
Transcribed Image Text:Write an equation for a cost function where the fixed costs are $2300 and the variable costs are $20 per unit.
C(q) =
%3D
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Expert Solution
Step 1
Given
Fixed costs =$2300
And variable costs=$20 per unit
Let's total unit is X then
Equation of cost function=fixed costs+no of units ×variable costs per unit
Y=2300+20X
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