For the cost function C(x) 125x + 375 x+7 where C is in dollars and x is the number produced in hundreds, use C(13) and MC(13) to approximate the cost of producing 1330 Items. (Round your answer to two decimal places.) Give an interpretation of the marginal cost value. At this level of production, the cost -Select- about $ per additional one hundred items.

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Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.