Math Problem Statement
For a company that manufactures tennis rackets, the average cost per racket is found to be Upper C overbarequalsStartFraction 370 Over x EndFraction plus 9 plus one third x for x greater than or equals 1, where x is the number of rackets produced per hour. Use the differential to approximate the change in average cost per racket if production is (A) increased from 10 per hour to 15 per hour and (B) increased from 35 per hour to 40 per hour. Question content area bottom Part 1 (A) If production is increased from 10 per hour to 15 per hour the average cost per racket will ▼ decrease increase by approximately $ enter your response here per racket. Part 2 (B) If production is increased from 35 per hour to 40 per hour the average cost per racket will ▼ decrease increase by approximately $ enter your response here per racket.
Solution
To answer the question, we'll use the differential approximation to estimate the change in average cost per racket based on the given cost function.
The formula for the average cost per racket is: where is the number of rackets produced per hour.
Step 1: Compute the derivative of
The derivative of with respect to , denoted as , will give us the rate of change of the average cost. We differentiate each term of the function:
- The derivative of is .
- The derivative of is (since it's a constant).
- The derivative of is .
So, the derivative is:
Step 2: Approximate the change in average cost
The differential gives us the approximate change in cost: where is the change in (the number of rackets produced per hour).
Part (A): Increase in production from 10 to 15 per hour
Here, we need to calculate the approximate change when changes from 10 to 15. This means:
- Initial value:
- Final value:
First, we calculate :
Now, approximate the change in cost:
So, the average cost per racket will decrease by approximately $16.83.
Part (B): Increase in production from 35 to 40 per hour
Here, we calculate the approximate change when changes from 35 to 40:
- Initial value:
- Final value:
First, we calculate :
Now, approximate the change in cost:
So, the average cost per racket will increase by approximately $0.16.
Final answers:
- (A) If production is increased from 10 per hour to 15 per hour, the average cost per racket will decrease by approximately $16.83.
- (B) If production is increased from 35 per hour to 40 per hour, the average cost per racket will increase by approximately $0.16.
Would you like further details on how I derived these results, or do you have other questions? Here are some related questions for further exploration:
- How would the differential approximation change if we used a smaller or larger ?
- How does the rate of change of the cost function impact the overall cost at different production levels?
- What does the second derivative of the cost function tell us about the nature of the cost curve?
- How would we approach this problem if the cost function included additional fixed costs or variables?
- How can we use the derivative of the cost function to identify the production level that minimizes cost?
Tip: The differential approximation works best for small changes in , but larger changes can lead to less accurate estimates. Always check how small is to ensure the approximation is valid.
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Differentiation
Differentials
Rate of Change
Cost Analysis
Formulas
C̄(x) = 370/x + 9 + (1/3)x
C̄'(x) = -370/x² + 1/3
dC ≈ C̄'(x) * dx
Theorems
Differential Approximation
Derivative of Rational and Linear Functions
Suitable Grade Level
High School (Grades 10-12), Early College
Related Recommendation
Differentiation of Cost Function: Tennis Rackets Production
Use Differentials to Approximate Changes in Cost Function for Tennis Rackets
Estimate Cost Change Using Derivatives with C(q) = 3q^2 + 5q + 10
Linear Cost Equation for Tennis Rackets: Finding the Cost Function and Interpreting the Slope and Y-Intercept
Linear Cost Function for Producing Tennis Rackets