I have to write a linear cost function for the situation given. And identifying all variables used.
the problem reads:
A parking garage charges 50cents plus 35 cents per hal-hour.
This is what i tried but i am definately not sure how to do it:
cost function = marginal cost(x) + fixed cost
c(x) = 35((x)/(2))+50
can someone help me...
test it for a given value, let's say 2 hours.
by common sense we can calculate the cost to be 4(35) + 50 or 190 cents.
you would have to have a value of x=8 to obtain that answer.
Why did you divide by 2? That makes no sense.
I all depends how you define x. Is x in hours or is x in half-hours?
You have to state that after your function.
If x is defined in hours then your equation would be
c(x) = 70x + 50 (it costs 70 cents per hour)
if x is defined in half-hours, you should have
c(x)=35x + 50
thank you reiny for clearifying it for me it makes sence what you say.