C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items.(a) Find a formula for the marginal cost.(b) Find C'(0). Give units.(c) Graph the marginal cost function. Use your graph to find the minimum marginal cost, the production level for which the marginal cost is the smallest.(d) For what value of x does the marginal cost return to C'(0)?(a) Find a formula for the marginal cost.c'(x) =D(b) Find C'(0). Give units.c'(0) =(c) Use the derivative of the marginal cost function to find the minimum marginal cost, the production level for which the marginal cost is the smallest.The minimum marginal cost of additional dollars per item produced occurs whenthousand items are produced.d) Recall your answer to part b. For what value of x does the marginal cost return to C'(0)?Marginal cost returns to this value of C (x) when x =items are produced.

We are going to find the Marginal Cost and Minimum marginal Cost and output required to answer this…

C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items. (a) Find a formula for the marginal cost. (b) Find C'(0). Give units. (c) Graph the marginal cost function. Use your graph to find the minimum marginal cost, the production level for which the marginal cost is the smallest. (d) For what value of x does the marginal cost return to C'(0)? (a) Find a formula for the marginal cost. c'(x) = (b) Find C'(0). Give units. C'(0) = (c) Use the derivative of the marginal cost function to find the minimum marginal cost, the production level for which the marginal cost is the smallest. The minimum marginal cost of additional dollars per item produced occurs when thousand items are produced. d) Recall your answer to part b. For what value of x does the marginal cost return to C'(0)? items are produced. Marginal cost returns to this value of C'(x) when x =

C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items. (a) Find a formula for the marginal cost. (b) Find C'(0). Give units. (c) Graph the marginal cost function. Use your graph to find the minimum marginal cost, the production level for which the marginal cost is the smallest. (d) For what value of x does the marginal cost return to C'(0)? (a) Find a formula for the marginal cost. c'(x) = (b) Find C'(0). Give units. C'(0) = (c) Use the derivative of the marginal cost function to find the minimum marginal cost, the production level for which the marginal cost is the smallest. The minimum marginal cost of additional dollars per item produced occurs when thousand items are produced. d) Recall your answer to part b. For what value of x does the marginal cost return to C'(0)? items are produced. Marginal cost returns to this value of C'(x) when x =

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

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