Economics—Cost Function: Consider the daily cost schedule for the cost of producing x Never Die light bulbs shown in the table.
Bulbs Produced | Cost (in Dollars) |
0 | 1050 |
100 | 1250 |
215 | 1480 |
(a) What are the fixed costs? Explain how you determined this from the table.
(b) How much does the cost increase for each additional bulb produced? How do you classify this kind of cost?
(c) Write a linear cost function C, where x represents the number of bulbs produced, and C(x) represents the cost in dollars.
(d) What would the cost be if 260 bulbs were produced?
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