3.The marginal cost of producing a product is the cost of producing one more unit.If you produce n units, then it is essentially the instantaneous rate of change of the total cost after producing nunits, or the cost to produce one more item (n + 1).a)Given the total cost of producing x units C(x) = 10,000 + 5x + 0.01x², calculate the marginal cost atx = 500. Include units of measure.What is the total cost of making 500 units? 501 units? How do these values support your answer foundin part (a)?b)

Answer: Given: Total cost function: Cx=10,000+5x+0.01x2 Calculation: (a). The marginal cost of a…

The marginal cost of producing a product is the cost of producing one more unit. If you produce n units, then it is essentially the instantaneous rate of change of the total cost after producing n units, or the cost to produce one more item (n + 1). Given the total cost of producing x units C(x) x = 500. Include units of measure. = 10,000 + 5x + 0.01x², calculate the marginal cost at a) b) What is the total cost of making 500 units? 501 units? How do these values support your answer found in part (a)?

The marginal cost of producing a product is the cost of producing one more unit. If you produce n units, then it is essentially the instantaneous rate of change of the total cost after producing n units, or the cost to produce one more item (n + 1). Given the total cost of producing x units C(x) x = 500. Include units of measure. = 10,000 + 5x + 0.01x², calculate the marginal cost at a) b) What is the total cost of making 500 units? 501 units? How do these values support your answer found in part (a)?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

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