A marginal cost function C' (q) is given in the figure below. If the fixed costs are $12,000, estimate the following Sunit 25 20 15 C(q) 10 0 15 30 45 60 75 90 9 (quantity) x Your answer is incorrect. (a) The total cost to produce 45 units. Round your answer to the nearest integer. The total cost is $ 270 Show Transcribed Text (b) The additional cost if the company increases production from 45 units to 60 units. Round your answer to the nearest integer. The additional cost is $330 eTextbook and Media Hint x Your answer is incorrect. (c) The value of C' (38). Interpret your answer in terms of costs of production. Round your answers to the nearest integer. C' (38)= approximately $ means that the cost of producing the Show Transcribed Text The total cost in dollars to produce q units of a product is C (q). Fixed costs are $11,000. The marginal cost is C' (q) 0.007q-q+63. Round your answers to two decimal places. (a) Find C (190), the total cost to produce 190 units. The total cost to produce 190 units is Si 20922.05 (b) Find the value of C' (190). C' (190) $ (c) Use parts (a) and (b) to estimate C (191). C(191) $

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter4: Extent (how Much) Decisions
Section: Chapter Questions
Problem 3MC
Question
A marginal cost function C' (q) is given in the figure below. If the fixed costs are $12,000, estimate the following
Sunit
25
20
15
C(q)
10
0
15 30 45 60 75 90 9 (quantity)
x Your answer is incorrect.
(a) The total cost to produce 45 units.
Round your answer to the nearest integer.
The total cost is $
270
Show Transcribed Text
(b) The additional cost if the company increases production from 45 units to 60 units.
Round your answer to the nearest integer.
The additional cost is $330
eTextbook and Media
Hint
x Your answer is incorrect.
(c) The value of C' (38). Interpret your answer in terms of costs of production.
Round your answers to the nearest integer.
C' (38)=
approximately $
means that the cost of producing the
Show Transcribed Text
The total cost in dollars to produce q units of a product is C (q). Fixed costs are $11,000. The marginal cost is
C' (q) 0.007q-q+63.
Round your answers to two decimal places.
(a) Find C (190), the total cost to produce 190 units.
The total cost to produce 190 units is Si
20922.05
(b) Find the value of C' (190).
C' (190) $
(c) Use parts (a) and (b) to estimate C (191).
C(191) $
Transcribed Image Text:A marginal cost function C' (q) is given in the figure below. If the fixed costs are $12,000, estimate the following Sunit 25 20 15 C(q) 10 0 15 30 45 60 75 90 9 (quantity) x Your answer is incorrect. (a) The total cost to produce 45 units. Round your answer to the nearest integer. The total cost is $ 270 Show Transcribed Text (b) The additional cost if the company increases production from 45 units to 60 units. Round your answer to the nearest integer. The additional cost is $330 eTextbook and Media Hint x Your answer is incorrect. (c) The value of C' (38). Interpret your answer in terms of costs of production. Round your answers to the nearest integer. C' (38)= approximately $ means that the cost of producing the Show Transcribed Text The total cost in dollars to produce q units of a product is C (q). Fixed costs are $11,000. The marginal cost is C' (q) 0.007q-q+63. Round your answers to two decimal places. (a) Find C (190), the total cost to produce 190 units. The total cost to produce 190 units is Si 20922.05 (b) Find the value of C' (190). C' (190) $ (c) Use parts (a) and (b) to estimate C (191). C(191) $
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