A firm has the following cost function, C=250+0.5x which relates the number of units of an output produced (x) and the cost of producing given quantities of output (C). Cost is measured in thousands of dollars while output is measured in thousands of units. Given the above equation the cost of producing 1 additional unit of output is: a. $0.50 b. $250 c. $500 d. $250.50 A firm produces an item and 5% of the items produced have some defect. Six items, whose characteristics can be assumed to be independent of each other are examined. The probability that at least two of these components have a defect is: a. 0.32450 b. 0.00224 c. 0.81451 d. 0.03054 Not yet answered Marked out of 1.00 Flag question The formula ∑XP(X) which relates to a probability distribution gives the: a. expected value. b. Variance c. Mean d. Both the expected value and the Mean