Economics—Cost Function: Consider the price schedule for the repair cost of a Ripen microwave oven shown in the table.
Hours Labor | Repair Cost (in Dollars) |
0 | 50 |
1 | 65 |
2 | 80 |
(a) What are the fixed costs? Explain how you determined this from the table.
(b) How much does the repair cost increase for each additional hour of labor? How do you classify this kind of cost?
(c) Write a linear cost function C, where x represents hours of labor, and C(x) represents the repair cost in dollars.
(d) What would the repair cost be if the microwave oven took 4.5 hours to fix?
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