Some customers in Cotton & Wool’s B2B business can order larger quantities of colored wool. For...
Some customers in Cotton & Wool’s B2B business can order larger quantities of colored wool. For this special order product the company assumes that economies of scale are present. The operations department currently estimates the total production cost TC(q) to produce an order of size q with the formula:
TC(q)=a∗q^b where a>0 and b>0 .
The operations department tells you that the total cost of a B2B-order is TC=461 if the order volume is q=14 . They assume that the parameter a=28.
Find the value of parameter b. Round your result down to three decimal digits. For example, if your result is 2.3215 put in 2.322
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Some customers in Cotton & Wool’s B2B business can order
larger quantities of colored wool. For...
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