Solved: Cost Equation The fixed costs of operating a
Chapter , Problem 2.3.116(choose chapter or problem)
Cost Equation The fixed costs of operating a business are the costs incurred regardless of the level of production. Fixed costs include rent, fixed salaries, and costs of leasing machinery. The variable costs of operating a business are the costs that change with the level of output. Variable costs include raw materials, hourly wages, and electricity. Suppose that a manufacturer of jeans has fixed daily costs of $500 and variable costs of $8 for each pair of jeans manufactured. Write a linear equation that relates the daily cost C, in dollars, of manufacturing the jeans to the number x of jeans manufactured. What is the cost of manufacturing 400 pairs of jeans? 740 pairs?
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