if d<c will be true if all elements of d are smaller than c, in which case, all elements of Cs are calculated according to your first formula. Otherwise, the if will be false, and all elements of Cs are calculated according to your second formula. Matlab will not loop for you over the element of d to apply your if element by element.
You could write that loop:
for idx = 1:numel(d) if d(idx) < c Cs(idx, 1) = ... else Cs(idx, 1) = ... end end
but that's not the way to do it in matlab. This is much better:
Cs = zeros(size(d)); %preallocate Cs Cs(d<c) = (420-.85*21).*As(d<c)/1000; %use logical indexing to assign the required elements Cs(d>=c) = (420).*As(d>=c)/1000;
Or this is shorter but a bit more obscure:
Cs = (d<c) * ((420-.85*21).*As/1000) + (d>=c) * (420.*As/1000);
For more on logical indexing, see the doc