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 a items. An important microeconomics 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 the cost of computing h additional items is C (x + h). The average cost of (C(x+h)-C(x)) those h items is .As we analyze the cost of just the last item produced, this can be made into a mathematical model h by taking the limit as h→0, i.e. the derivative C'(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) = 0.04x³ - 5x+500. (b) Find the marginal cost when 40 units of the item are produced. The marginal cost when 40 units are produced is $ Number (c) Find the actual cost of increasing production from 40 units to 41 units. The actual cost of increasing production from 40 units to 41 units is $ Number

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 a items. An important microeconomics 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 the cost of computing h additional items is C (x + h). The average cost of (C(x+h)-C(x)) those h items is .As we analyze the cost of just the last item produced, this can be made into a mathematical model h by taking the limit as h→0, i.e. the derivative C'(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) = 0.04x³ - 5x+500. (b) Find the marginal cost when 40 units of the item are produced. The marginal cost when 40 units are produced is $ Number (c) Find the actual cost of increasing production from 40 units to 41 units. The actual cost of increasing production from 40 units to 41 units is $ Number

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter2: Equations And Inequalities

Section2.6: Inequalities

Problem 88E

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