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An economist estimated that the cost function of a single-product firm is:                                                             C(Q) = 100 + 20Q + 15Q2 + 10Q3                             [NOTE à MC(Q) = 20+30Q+30Q2]                Based on this information, determine:The marginal cost when Q = 10

Question

An economist estimated that the cost function of a single-product firm is:

 

                                                            C(Q) = 100 + 20Q + 15Q2 + 10Q3

              

               [NOTE à MC(Q) = 20+30Q+30Q2]

 

               Based on this information, determine:

  1. The marginal cost when Q = 10
check_circleAnswer
Step 1

Marginal Cost: It refers to the additional cost incurred when one more unit of a good is produced.

Step 2

The total cost function is given as follows:

C(Q) 100 20Q + 15Q2+10Q3
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C(Q) 100 20Q + 15Q2+10Q3

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Step 3

The marginal cost function can be found by deriv...

C(Q) 100 20Q+ 15Q2+ 10Q
derivating with respect to Q
MC(Q) 20+30Q+30Q2
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C(Q) 100 20Q+ 15Q2+ 10Q derivating with respect to Q MC(Q) 20+30Q+30Q2

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