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A company that manufactures bicycles has a fixed cost of $90000. It costs $110 to produce each bicycle. The total cost for the company is the sum of its fixed costs and variable costs. First write the total cost, , as a function of the number of bicycles produced
The formula to be used is that of a straight line.
Its standard form: y=mx+b, m=slope, b=y-intercept
For given problem:
x=number of bicycles produced
Equation for total cost: y=$110x+$90000