The cost (in dollars) of producing x units of a certain commodity is C(x) = 9,000 + 12x + 0.15x².(a) Find the average rate of change (in $ per unit) of C with respect to x when the production level is changed from x = 100 to the given value. (Round your answers to the nearest cent.)(i) X = 105$(ii) x = 101per unitper unit(b) Find the instantaneous rate of change (in $ per unit) of C with respect to x when x = 100. (This is called the marginal cost. Its significance will be explained in a future chapter.)per unit

Answered: (a) Find the average rate of change (in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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The cost (in dollars) of producing x units of a certain commodity is C(x) = 9,000 + 12x + 0.15x².
(a) Find the average rate of change (in $ per unit) of C with respect to x when the production level is changed from x = 100 to the given value. (Round your answers to the nearest cent.)
(i) X = 105
$
(ii) x = 101
per unit
per unit
(b) Find the instantaneous rate of change (in $ per unit) of C with respect to x when x = 100. (This is called the marginal cost. Its significance will be explained in a future chapter.)
per unit

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Marginal cost addresses the incremental costs caused while producing extra units of a good or service. It is determined by taking the total change in the cost of producing more goods and dividing that by the change in the number of goods produced.

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