Suppose that the monthly cost, in dollars, of producing x chairs is C(x)=0.005x³ +0.07x² + 19x + 700, and curr 35 chairs are produced monthly. a) What is the current monthly cost? b)What is the marginal cost when x = 35? c) Use the result from part (b) to estimate the monthly cost of increasing production to 37 chairs per month. d)What would be the actual additional monthly cost of increasing production to 37 chairs monthly? a) The current monthly cost is $ (Round to the nearest cent as needed) b) The marginal cost when x = 35 is $ per item (Round to the nearest cent as needed.) c) Use the result from part (b) to estimate the monthly cost of increasing production to 37 chairs per month The monthly cost in increasing production to 37 chairs monthly is $ (D

Suppose that the monthly cost, in dollars, of producing x chairs is C(x)=0.005x³ +0.07x² + 19x + 700, and curr 35 chairs are produced monthly. a) What is the current monthly cost? b)What is the marginal cost when x = 35? c) Use the result from part (b) to estimate the monthly cost of increasing production to 37 chairs per month. d)What would be the actual additional monthly cost of increasing production to 37 chairs monthly? a) The current monthly cost is $ (Round to the nearest cent as needed) b) The marginal cost when x = 35 is $ per item (Round to the nearest cent as needed.) c) Use the result from part (b) to estimate the monthly cost of increasing production to 37 chairs per month The monthly cost in increasing production to 37 chairs monthly is $ (D

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 3MC

See similar textbooks

Similar questions

Assume that it costs a company approximately C(x) = 400,000 + 160x + 0.003x² dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) (10,000) = = per smartphone. The exact cost of producing the 10,001st smartphone is $ $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is ---Select--- than the average cost from (b). This means that the average cost is ---Select--- Thus, there is a difference of $ at a production level of 10,000 smartphones.
Suppose the fridge daily cost function produced at Friga's Frigid Fridges is represented by the following C(x) = x-2 x3 2000 50 (a) Find the differential of the daily cost and use it to approximate the cost change if the current production is at 500 units and 5 more units are produced. (b) Find the actual cost difference function and use that to calculate the cost for the 501st unit. (c) Find the marginal cost function, evaluate C' (500), and interpret your results. + 50x + 20, 000
The total cost (in dollars) of producing x food processors is C(x) = 1600 + 40x – 0.7x2. (A) Find the exact cost of producing the 21st food processor. (B) Use the marginal cost to approximate the cost of producing the 21st food processor. ..... (A) The exact cost of producing the 21st food processor is $ 11.3. (B) Using the marginal cost, the approximate cost of producing the 21st food processor is $
Assume that it costs a company approximately C(x) = 400,000 + 140x + 0.003x? dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. 400,000 – 0.000009 Use it to estimate how fast the cost is increasing when x = 10,000. 2$ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) = C(10,000) = $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. -Select--- at a production level of 10,000 smartphones. The marginal cost from (a) is --Select--- than the average cost from (b). This means that the average cost is
Here is the production cost function, in $ of producing q units of a product: 2200 C(q) = 300 +0.8q2 + %3D and the demand function of the product is: p(x) = 200 - 0.05q a. Determine the marginal cost, marginal revenue and marginal profit when q=50 and q=150? b. Interpret the results of the calculation in part (a) if it is related to cost, revenue and profit?
Assume that it costs a company approximately C(x) = 400,000 + 160x + 0.002x2 dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) = C(10,000) = $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is --Select--- v than the average cost from (b). This means that the average cost is ---Select--- v at a production level of 10,000 smartphones. Need Help? Watch It
If the number of miles for a delivery is 5 & the number of minutes is 30, what is the estimated overhead cost associated with that delivery rounded to two decimals?
Use the equations for the total cost C and total revenue R to find the number x of units a company must sell to break even. (Round to the nearest whole unit.) C = 8950x + 220,000, R = 9857x
You start creating personalized iPhone cases. Suppose the quantity of cases demanded each month is related to the price by the equation p- 1600 - 20g where p is the price per case in dollars and q is the mumber of cases. Your total cost to manufacture q cases is given by 10g? + 30 180 – 2g C(9) = (a) Find the average cost function (simplify where possible). (b) Find the total profit as a function of q. (c) Find your marginal profit at a demand level of 60 cases per month and write a sentence interpreting what your answer means in terms of your busi- ness. Include units.