3- Given the total-cost function C(Q) = Q³ – 5Q² + 12Q + 75, Write out the marginal cost function. b. Use marginal cost to estimate the cost of producing the fourth unit. What is the actual cost of producing the fourth unit? d. At which quantity is total cost minimized? (hint : use the first derivative test) e. Verify that this corresponds to a minimum using the second-derivative test. | а. с.

3- Given the total-cost function C(Q) = Q³ – 5Q² + 12Q + 75, Write out the marginal cost function. b. Use marginal cost to estimate the cost of producing the fourth unit. What is the actual cost of producing the fourth unit? d. At which quantity is total cost minimized? (hint : use the first derivative test) e. Verify that this corresponds to a minimum using the second-derivative test. | а. с.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section: Chapter Questions

Problem 9WNG

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