Suppose that the monthly cost, in dollars, of producing x chairs is C(x)=0.005x3+0.07x2+18x+700, and currently 50 chairs are produced monthly. a) What is the current monthly cost? b) What is the marginal cost when x=50? c) Use the result from part (b) to estimate the monthly cost of increasing production to 52 chairs per month. d) What would be the actual additional monthly cost of increasing production to 52 chairs monthly?

Suppose that the monthly cost, in dollars, of producing x chairs is C(x)=0.005x3+0.07x2+18x+700, and currently 50 chairs are produced monthly. a) What is the current monthly cost? b) What is the marginal cost when x=50? c) Use the result from part (b) to estimate the monthly cost of increasing production to 52 chairs per month. d) What would be the actual additional monthly cost of increasing production to 52 chairs monthly?

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter7: Integration

Section7.EA: Extended Application Estimating Depletion Dates For Minerals

Problem 4EA

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Question

Suppose that the monthly cost, in dollars, of producing x chairs is

C(x)=0.005x³+0.07x²+18x+700, and currently 50 chairs are produced monthly.

a)	What is the current monthly cost?
b)	What is the marginal cost when x=50?
c)	Use the result from part (b) to estimate the monthly cost of increasing production to 52 chairs per month.
d)	What would be the actual additional monthly cost of increasing production to 52 chairs monthly?