Question

as the number of units manufactured increased from 100 to 200, manufacturing cost (total) increased from $350 to $650. assume the given data establish the relationship between cost (y) and number of units made (x), and assume the relationship is linear. find the equation of the relationship.

Answer 1

Consequently, the linear equation y=3x+50 connecting the total cost to the quantity produced.

What are Manufacturing Costs?

The manufacturing cost is the sum of all expenses incurred in the production of a good. The three categories of cost of manufacturing are direct costs of material, direct labor, & manufacturing overhead. It affects the overall cost of delivery. The costs directly associated with creating the product are known as manufacturing costs. The per-item cost of doing business must be calculated taking into account both production costs and manufacturing costs.

Why is manufacturing cost important?

Costs of production have a significant impact on the efficient design and production of a product. The added value model states that a profit can only be made when the cost of production is less than the value added. Therefore, a product's success depends on knowing how much it will cost to design and manufacture.

Briefing:

A linear equation is of the form

y = mx+b

where b is the value at x=0 and m is the slope (rate of change of y with respect to x).

With the information provided, the price rose by $650-$350=$300 when the quantity produced rose by 200-100=100. Therefore, 300/100=3 represents the rate of change of cost (y) in relation to x (number of units).

So the equation is of the form

y = 3x+b

To calculate b, choose one of the two available data points.

When 100 units were produced, the total cost was $350:

350 = 3(100)+b

350 = 300+b

b = 50

The equation y=3x+50, which connects the total cost to the quantity produced, provides the right answer.

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