Consider the cost function C(x) = 5x + 16x +15 (thousand dollars). a) What is the marginal cost at production level x=5? b) Use the marginal cost at x = 5 to estimate the cost of producing 5.50 units. c) Let R(x) = -x²+47x+45 denote the revenue in thousands of dollars generated from the production of x units. What is the break-even point? (Recall that the break-even point is when the revenue is equal to the cost.) d) Compute and compare the marginal revenue and marginal cost at the break-even point. Should the company increase production beyond the break-even point? a) The marginal cost at production level x = 5 is $ D
Consider the cost function C(x) = 5x + 16x +15 (thousand dollars). a) What is the marginal cost at production level x=5? b) Use the marginal cost at x = 5 to estimate the cost of producing 5.50 units. c) Let R(x) = -x²+47x+45 denote the revenue in thousands of dollars generated from the production of x units. What is the break-even point? (Recall that the break-even point is when the revenue is equal to the cost.) d) Compute and compare the marginal revenue and marginal cost at the break-even point. Should the company increase production beyond the break-even point? a) The marginal cost at production level x = 5 is $ D
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Consider the cost function C(x) = 5x² + 16x + 15 (thousand dollars).
a) What is the marginal cost at production level x = 5?
b) Use the marginal cost at x = 5 to estimate the cost of producing 5.50 units.
c) Let R(x) = -x² + 47x +45 denote the revenue in thousands of dollars generated from the production of x units. What is the break-even point? (Recall that the break-even point is when the revenue
is equal to the cost.)
d) Compute and compare the marginal revenue and marginal cost at the break-even point. Should the company increase production beyond the break-even point?
a) The marginal cost at production level x = 5 is $.
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