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A linear cost function is C(x) = 7x + 500. (Assume C is measured in dollars.) (a) What are the slope and the C-intercept? slope C-intercept (b) What is the marginal cost MC? MC What does the marginal cost mean? If production is increased by this many units, the cost decreases by $1. Each additional unit produced reduces the cost by this much (in dollars). If production is increased by this many units, the cost increases by $1. Each additional unit produced costs this much (in dollars). (c) What are the fixed costs? (d) How are your answers to parts (a), (b), and (c) related? O slope = fixed costs, and C-intercept = marginal cost slope marginal cost C-intercept C-intercept marginal cost slope slope = marginal cost, and C-intercept = fixed costs (e) What is the cost of producing one more item if 50 are currently being produced? $ What is the cost of producing one more item if 100 are currently being produced? $