Calculus in Economics (2)

Question

The cost, in dollars, of producing x units of a certain item is given by

C(x)=0.02x^3−10x+500.

 

(a) Find the marginal cost function.

 MC(x)=

 

 __________

 

(b) Find the marginal cost when 70 units of the item are produced.

 

The marginal cost when 70 units are produced is $____________.

 

(c) Find the actual cost of increasing production from 70 units to 71 units.

 

The actual cost of increasing production from 70 units to 71 units is $____________.

Answer 1

Joaquin

(a) MC (x) = C' (x)

(b) Find C' (70) using result from (a)

(c) Find C(71) - C(70)

Mike