The cost of producing a number of items x is given by C=mx+b, inwhich b is the fixed cost and m is the variable cost (the cost of producing one more item).
(a) If the fixed cost is $40 and the variable cost is $10, write the cost equation.
Could someone help me please with this problem ASAP!!
How do I graph this/ Could you explain how I do this as well?
This is algebra. You have all the parts for the cost function. C=10.*X + 40.
This is a simple line. Starts at 40 on the y-axis and rises 10 for every x.
To graph the cost equation C = mx + b, where m is the variable cost and b is the fixed cost, you can follow these steps:
1. Identify the values of m and b given in the problem.
In this case, the variable cost m is $10 and the fixed cost b is $40.
2. Rewrite the equation with the given values.
C = 10x + 40
3. Plot the fixed cost.
Since the fixed cost is $40, you start by plotting a point on the y-axis at (0, 40). This represents the cost when no items are produced.
4. Determine the slope.
The slope of the line is the variable cost, which is $10 in this case. The slope indicates the change in cost (y) for each additional item produced (x).
5. Use the slope to find more points.
From the initial point (0, 40), use the slope of 10 to find additional points. For example, for every unit increase in x, the cost increases by $10. So, for x = 1, the cost would be 10(1) + 40 = 50. Plot this point at (1, 50).
Repeat this process to find more points if necessary.
6. Connect the points.
Once you have plotted all the points, connect them with a straight line. This line represents the cost of producing different quantities of items.
Now, you have successfully graphed the cost equation C = 10x + 40.