I’d like to know how this problem is solved?
1 answer:
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Answer:
The linear cost function is dollar.
Step-by-step explanation:
Given : A parking garage charges 4 dollars plus 65 cents per half-hour. A linear cost function for the situation is C(x)=L.
To find : Write a linear cost function for the situation ?
Solution :
Cost function is defined as sum of marginal cost and fixed cost.
Let x be the number of hours i.e. time for which parking cost.
A parking garage charges 4 dollars plus 65 cents per half-hour.
The fixed price is $4.
Marginal cost is 65 cents per half-hour.
Converting cents into dollar,
1 cent = 0.01 dollar
65 cent = 0.65 dollar
The cost of hour = $0.65
The cost of x hours =
So, marginal cost is $1.3x.
Cost function is defined as
dollar.
Therefore, The linear cost function is dollar where x is the number of hours.