Suppose that the cost function for a commodity is (x) = 90 + x? dollars. (a) Find the marginal cost at x = 7 units. MC(7) Tell what this predicts about the cost of producing 1 additional unit. The cost to produce the 8th unit is predicted to be $ (b) Calculate C(8) - C(7) to find the actual cost of producing 1 additional unit.
Suppose that the cost function for a commodity is (x) = 90 + x? dollars. (a) Find the marginal cost at x = 7 units. MC(7) Tell what this predicts about the cost of producing 1 additional unit. The cost to produce the 8th unit is predicted to be $ (b) Calculate C(8) - C(7) to find the actual cost of producing 1 additional unit.
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 8SQ
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