Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C(2), the cost of a firm producing 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 az items with cost C(z), then the cost of computing ħ additional items is C(z+h). The average cost of those hitems 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 h derivative C¹ (z). Use this function in the model below for the Marginal Cost function MC (2). 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 (2) - ab b √a a k sin (a) C(z)=0.02³-20+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 E

Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C(2), the cost of a firm producing 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 az items with cost C(z), then the cost of computing ħ additional items is C(z+h). The average cost of those hitems 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 h derivative C¹ (z). Use this function in the model below for the Marginal Cost function MC (2). 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 (2) - ab b √a a k sin (a) C(z)=0.02³-20+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 E

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter7: Analytic Trigonometry

Section7.6: The Inverse Trigonometric Functions

Problem 91E

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