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A widget manufacturer estimates that the total weekly cost in dollars C to produce x widgets is given by the linear function C x 500 10x where the intercept 500 represents a fixed cost

A widget manufacturer estimates that the total weekly cost in dollars, C, to produce x widgets is given by the linear function C(x) = 500 + 10x, where the intercept 500 represents a "fixed" cost of manufacture and the slope 10 represents the "variable" cost of producing a certain number of widgets. Analysis of weekly widget production reveals that the number of widgets X produced in a week is a random variable with mean μX = 200 and standard deviation σX = 20. What are the mean and the standard deviation of C?

Apr 03 2020 View more View Less

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