How will an increase for raw materials affect the total cost

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Reference no: EM131801513

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

C(x, y) = 20x + 70y + (x²/1000) + (xy²/100) dollars

where x represents the cost per pound of raw materials and y represents the hourly rate for labor. The present cost for raw materials is $10 per pound and the present hourly rate for labor is $24. How will an increase of

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

(b) $1 per hour in labor costs affect the total cost?

Reference no: EM131801513

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