Math Problem Statement
Assume that each situation can be expressed as a linear cost function. Find the cost function in each case.: Fixed cost: $35; 8 items cost $395 to produce.
Solution
To find the cost function , we can use the standard form of a linear equation:
Where:
- is the variable cost per item (slope),
- is the fixed cost (y-intercept),
- is the number of items produced.
Step 1: Identify given values
- Fixed cost () = 35
- At , total cost
Step 2: Substitute known values into the equation
At , :
Step 3: Solve for
Step 4: Write the cost function
Substituting and :
Final Answer:
Would you like me to verify this or explain any part further?
Related Questions:
- How would the cost function change if the fixed cost increases?
- What is the cost of producing 15 items using this function?
- How do you interpret the slope of this function in real-world terms?
- If 20 items cost $935, can you determine if this model still holds?
- How can this be plotted on a graph for visual representation?
Tip:
Always check the units and make sure the cost values align with the input variable .
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Math Problem Analysis
Mathematical Concepts
Linear Equations
Cost Functions
Formulas
C(x) = mx + b
Theorems
Slope-Intercept Form
Suitable Grade Level
Grades 9-11