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...
not quite.
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.
You're welcome! I'm glad I could help clarify the situation for you.
In order to write a linear cost function for the given situation, we need to identify the fixed cost and the cost per hour (or half-hour, in this case).
The problem states that the parking garage charges 50 cents plus 35 cents per half-hour.
To break it down, the fixed cost is the 50 cents, which is the cost to park there regardless of how long you stay.
The cost per half-hour is 35 cents, which means for every half-hour you stay, an additional 35 cents is added to the cost.
Now, depending on how you define your variable x, the cost function will vary. If x represents the number of hours, then the cost function would be:
c(x) = 70x + 50
In this case, multiplying x by 70 represents the cost per hour (or 2 half-hours) and adding 50 represents the fixed cost.
However, if x represents the number of half-hours, then the cost function would be:
c(x) = 35x + 50
In this case, multiplying x by 35 represents the cost per half-hour and adding 50 represents the fixed cost.
It's important to clearly define the units for the variable x in the cost function to ensure accuracy in calculations.