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Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), 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. (C(a+h)-C(x)) h If the current production level is items with cost C (x), then the cost of computing h additionial items is C (x + h). The average cost of those h items is model by taking the limit as h→0, i.e. the derivative C' (z). Use this function in the model below for the Marginal Cost function MC(z). .As we analyze the cost of just the last item produced, this can be made into a mathematical Problem Set question: The cost, dollars, of producing a units of a certain item is given by C(x) = 0.03x3 - 20x + 450. (a) Find the marginal cost function. MC (x) = (b) Find the marginal cost when 60 units of the item are produced. The marginal cost when 60 units are produced is $ (c) Find the actual cost of increasing production from 60 units to 61 units. The actual cost of increasing production from 60 units to 61 units is $

Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), 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. (C(a+h)-C(x)) h If the current production level is items with cost C (x), then the cost of computing h additionial items is C (x + h). The average cost of those h items is model by taking the limit as h→0, i.e. the derivative C' (z). Use this function in the model below for the Marginal Cost function MC(z). .As we analyze the cost of just the last item produced, this can be made into a mathematical Problem Set question: The cost, dollars, of producing a units of a certain item is given by C(x) = 0.03x3 - 20x + 450. (a) Find the marginal cost function. MC (x) = (b) Find the marginal cost when 60 units of the item are produced. The marginal cost when 60 units are produced is $ (c) Find the actual cost of increasing production from 60 units to 61 units. The actual cost of increasing production from 60 units to 61 units is $

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), 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. (C(x+h)-C(x)) h . As we analyze the cost of just the last item produced, this can be made into a mathematical If the current production level is x items with cost C (x), then the cost of computing h additionial items is C (x + h). The average cost of those h items is model by taking the limit as h → 0, i.e. the derivative C¹ (x). Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by C(x) = 0.03x³ - 20x +450. (a) Find the marginal cost function. MC (x) = (b) Find the marginal cost when 60 units of the item are produced. The marginal cost when 60 units are produced is $_ (c) Find the actual cost of increasing production from 60 units to 61 units. The actual cost of increasing production from 60 units to 61 units is $
Transcribed Image Text:Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), 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. (C(x+h)-C(x)) h . As we analyze the cost of just the last item produced, this can be made into a mathematical If the current production level is x items with cost C (x), then the cost of computing h additionial items is C (x + h). The average cost of those h items is model by taking the limit as h → 0, i.e. the derivative C¹ (x). Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by C(x) = 0.03x³ - 20x +450. (a) Find the marginal cost function. MC (x) = (b) Find the marginal cost when 60 units of the item are produced. The marginal cost when 60 units are produced is $_ (c) Find the actual cost of increasing production from 60 units to 61 units. The actual cost of increasing production from 60 units to 61 units is $
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