0.08 was rounded to 1 significant figure. What is the lower bound?
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The minimum cost to produce the product is $7.
What are functions?
- A function from a set X to a set Y allocates exactly one element of Y to each element of X.
To determine the minimum cost:
We have to determine the minimum cost of producing this product.
Since .
Now, consider the equation .
Dividing the above equation by 5, we get
Now, considering the coefficient of 'x', dividing it by '2' and then adding and subtracting the square of the number which we got after dividing.
Since the coefficient of 'x' is 14, and half of 14 is '7'.
So, adding and subtracting from the above equation.
Now, we have to determine the minimum cost to produce the product.
Since .
Now, let f'(x)=0
Therefore, x=7
Now, consider which is greater than 0.
Therefore, x= 7 is the minimum cost.
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