Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), the cost of a firm producing items. An important microeco concept is the marginal cost, defined in (non-mathematical introductory) economics as the cost of producing one additional item. If the current production level is a items with cost C (x), then e cost of computing h additionial items is C (x + h). The average cost of those (C(x+h)-C(x)) .As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h h derivative C¹ (x). Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by (a) Find the marginal cost function. MC (x) = C(x) = 0.03x³ - 10x + 200. (b) Find the marginal cost when 30 units of the item are produced. The marginal cost when 30 units are produced is $ Number (c) Find the actual cost of increasing production from 30 units to 31 units

Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), the cost of a firm producing items. An important microeco concept is the marginal cost, defined in (non-mathematical introductory) economics as the cost of producing one additional item. If the current production level is a items with cost C (x), then e cost of computing h additionial items is C (x + h). The average cost of those (C(x+h)-C(x)) .As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h h derivative C¹ (x). Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by (a) Find the marginal cost function. MC (x) = C(x) = 0.03x³ - 10x + 200. (b) Find the marginal cost when 30 units of the item are produced. The marginal cost when 30 units are produced is $ Number (c) Find the actual cost of increasing production from 30 units to 31 units

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter7: Analytic Trigonometry

Section7.6: The Inverse Trigonometric Functions

Problem 91E

See similar textbooks