Determine the cost function using simultaneous equations
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Determine the cost function using simultaneous equations for the following data. Manchester Foundry produced 45,000 tons of steel in March at a cost of £1,150,000. In April, the foundry produced 35,000 tons at a cost of £950,000.
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Let the cost function be TC = FC + VC x Units, where FC = Fixed cost, VC = Variable cost
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