Explore BrainMass

Explore BrainMass

    Economics - Cost Function

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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.

    © BrainMass Inc. brainmass.com October 9, 2019, 10:55 pm ad1c9bdddf

    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.