Question: The total cost of producing 1 unit of a product is
C(x, y) = 30 + 2x + 4y + (xy/50) dollars
where x is the cost per pound of raw materials and y is the cost per hour of labor.
(a) If labor costs are held constant, at what rate will the total cost increase for each increase of $1 per pound in material cost?
(b) If material costs are held constant, at what rate will the total cost increase for each $1 per hour increase in labor costs?