If cx) =x + 4x +57 is the total cost of producing x units of a particular čómmodity and p(x)-(36- x) price at which all x units will be sold. a. Use marginal cost to estimate the cost of producing the fourth unit. b. Find the actual cost of producing the fourth unit. c Use marginal revenue to estimate the revenue derived from the sale of the fourth unit. d. Find the actual revenue derived from the sale of the fourth unit.

If cx) =x + 4x +57 is the total cost of producing x units of a particular čómmodity and p(x)-(36- x) price at which all x units will be sold. a. Use marginal cost to estimate the cost of producing the fourth unit. b. Find the actual cost of producing the fourth unit. c Use marginal revenue to estimate the revenue derived from the sale of the fourth unit. d. Find the actual revenue derived from the sale of the fourth unit.

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

Chapter18: Auctions

Section: Chapter Questions

Problem 18.6IP

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