Homework Help is Here – Start Your Trial Now!
Math
Calculus
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 x items with cost C (x), then the cost of computing h additionial items is C (x+h). The average cost of those h items is (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→0, i.e. the derivative C (x). Use this function in the model below for the Marginal Cost function MC (x). h 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 + 450. (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 x items with cost C (x), then the cost of computing h additionial items is C (x+h). The average cost of those h items is (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→0, i.e. the derivative C (x). Use this function in the model below for the Marginal Cost function MC (x). h 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 + 450. (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
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter4: Polynomial And Rational Functions
Section4.6: Variation
Problem 14E
See similar textbooks
icon
Related questions
Question
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 x 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 î items with cost C (x), then the cost of computing ʼn additionial items is C (x + h). The average cost of those h items is (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→0, i.e. th derivative C¹ (x). Use this function in the model below for the Marginal Cost function MC (x). h 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 + 450. (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
Transcribed Image Text: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 x 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 î items with cost C (x), then the cost of computing ʼn additionial items is C (x + h). The average cost of those h items is (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→0, i.e. th derivative C¹ (x). Use this function in the model below for the Marginal Cost function MC (x). h 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 + 450. (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
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
SEE MORE TEXTBOOKS