Based on the given information, we can compare the minimum values of the two production cost functions.
For company 1's production cost function f(x):
f(1) = 0.05(1)^2 - 7(1) + 300
f(1) = 0.05 - 7 + 300
f(1) = 293.05
Therefore, the minimum production cost for company 1 is $293.05 when 1 unit is produced.
For company 2's production cost function g(x), the minimum value occurs when x = 1:
g(1) = 899.50
Therefore, the minimum production cost for company 2 is $899.50 when 1 unit is produced.
Comparing the two minimum values, company 1 has a lower minimum production cost at $293.05, while company 2 has a minimum production cost of $899.50.
The following function represents the production cost f(x), in dollars, for x number of units produced by company 1:
f(x) = 0.05x2 − 7x + 300
The following table represents the production cost g(x), in dollars, for x number of units produced by company 2:
x g(x)
0.6 899.58
0.8 899.52
1 899.50
1.2 899.52
1.4 899.58
Based on the given information, determine which company has a lower minimum and find the minimum value.
f(x) at (1, 899.50)
g(x) at (70, 55)
f(x) at (70, 55)
g(x) at (1, 899.50)
1 answer