Question
The cost , in millions of dollars, of producing items is given by .Interpret the 5.7 and the 0.002 in terms of production. Give units.
Solution
VerifiedStep 1
1 of 2For the given formula where the cost is measured in millions of dollars, the vertical intercept is .This means that the of production is millions of dollars.
The slope of the cost function is .This means that the is million dollars per unit(or per unit).
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