Homework Help is Here – Start Your Trial Now!
Math
Calculus
2. The cost of producing, "whatever you wants" is given by the cost function C (x) = 500 + 350x – .09x² Find the actual cost of making the 301st "whatever you want" by finding C(301)- C(300) Now use marginal cost to approximate this and see how close your approximation is? (Don't forget, YOU DO NOT DO C'(301)... just a hint)

2. The cost of producing, "whatever you wants" is given by the cost function C (x) = 500 + 350x – .09x² Find the actual cost of making the 301st "whatever you want" by finding C(301)- C(300) Now use marginal cost to approximate this and see how close your approximation is? (Don't forget, YOU DO NOT DO C'(301)... just a hint)

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...
See similar textbooks
icon
Related questions
Question
Please answer number 2 and show all work, thank you!!
c) For a unit price of 100 dollars what happens when we increase price a little bit? That is to say, what happens to the quantity demanded when we increase the price a little bit. Answer the same question for a unit price of 300 dollars. (Your answer for both should be in the form, a small increase in price from (100 or 300) would lead to an (increase or decrease) and the number you get is a percent increase or decrease. For example is your answer is 2 then that means 2% increase. If you answer is 1/2, then that means a 0.5% decrease in demand. 2. The cost of producing, "whatever you wants" is given by the cost function C (x) = 500 + 350x – .09x² Find the actual cost of making the 301st "whatever you want" by finding C(301)- C(300) Now use marginal cost to approximate this and see how close your approximation is? (Don't forget, YOU DO NOT DO C'(301)... just a hint)
Transcribed Image Text:c) For a unit price of 100 dollars what happens when we increase price a little bit? That is to say, what happens to the quantity demanded when we increase the price a little bit. Answer the same question for a unit price of 300 dollars. (Your answer for both should be in the form, a small increase in price from (100 or 300) would lead to an (increase or decrease) and the number you get is a percent increase or decrease. For example is your answer is 2 then that means 2% increase. If you answer is 1/2, then that means a 0.5% decrease in demand. 2. The cost of producing, "whatever you wants" is given by the cost function C (x) = 500 + 350x – .09x² Find the actual cost of making the 301st "whatever you want" by finding C(301)- C(300) Now use marginal cost to approximate this and see how close your approximation is? (Don't forget, YOU DO NOT DO C'(301)... just a hint)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Precalculus
Precalculus
Calculus
ISBN:
9780135189405
Author:
Michael Sullivan
Publisher:
PEARSON
Calculus: Early Transcendental Functions
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS