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    Economics - Cost Function

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    High-Low Method

    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. Using only these two data points, determine the cost function for Manchester.

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    https://brainmass.com/economics/macroeconomics/economics-cost-function-237539

    Solution Preview

    Let the cost function for the company be y = mx + b, where x = tons of steel produced per month ...

    Solution Summary

    This solution shows how to calculate the the cost function of the given company.

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