How does the raw materials affect the total cost

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Reference no: EM131801490

Question: The total cost of producing 1 unit of a product is given by

C(x, y) = 30 + 0.5x² - 30y - xy dollars where x is the hourly labor rate and y is the cost per pound of raw materials. The current hourly rate is $25, and the raw materials cost $6 per pound. How will an increase of

(a) $1 per pound for the raw materials affect the total cost?

(b) $1 in the hourly labor rate affect the total cost?

Reference no: EM131801490

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