The expense function for the Wonder Widget is E = 4.14q + 55,789.
a. What is the fixed cost in the expense function?
b. What is the cost of producing 500 Wonder Widgets?
c. What is the average cost per widget of producing 500 Wonder Widgets? Round to the nearest cent.
d. What is the total cost of producing 600 Wonder Widgets?
e. What is the average cost per widget of producing 600 Wonder Widgets? Round to the nearest cent.
f. As the number of widgets increased from 500 to 600, did the average expense per widget increase or decrease?
g. What is the average cost per widget of producing 10,000 Wonder Widgets? Round to the nearest cent.