Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C(2), 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. If the current production level is az items with cost C(z), then the cost of computing ħ additional items is C(z+h). The average cost of those hitems is (C(x+h)-C(x)) As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h→0, i.e. the h derivative C¹ (z). Use this function in the model below for the Marginal Cost function MC (2). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by (a) Find the marginal cost function. MC (2) - ab b √a a k sin (a) C(z)=0.02³-20+450. (b) Find the marginal cost when 40 units of the item are produced. The marginal cost when 40 units are produced is $ Number (c) Find the actual cost of increasing production from 40 units to 41 units. The actual cost of increasing production from 40 units to 41 units is $ Number E

Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C(2), 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. If the current production level is az items with cost C(z), then the cost of computing ħ additional items is C(z+h). The average cost of those hitems is (C(x+h)-C(x)) As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h→0, i.e. the h derivative C¹ (z). Use this function in the model below for the Marginal Cost function MC (2). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by (a) Find the marginal cost function. MC (2) - ab b √a a k sin (a) C(z)=0.02³-20+450. (b) Find the marginal cost when 40 units of the item are produced. The marginal cost when 40 units are produced is $ Number (c) Find the actual cost of increasing production from 40 units to 41 units. The actual cost of increasing production from 40 units to 41 units is $ Number E

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
See similar textbooks
icon
Related questions
Question
Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C(z), 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. If the current production level is items with cost C(z), then the cost of computing ħ additional items is C (1+h). The average cost of those h items is (C(x+h)-C(x)) As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h→0, i.e. the h derivative C² (2). Use this function in the model below for the Marginal Cost function MC(z). Problem Set question: The cost, in dollars, of producing units of a certain item is given by (a) Find the marginal cost function. MC (2)= a b √ā a k sin (a) C(z) = 0.02r³ - 20z + 450. (b) Find the marginal cost when 40 units of the item are produced. The marginal cost when 40 units are produced is $ Number (c) Find the actual cost of increasing production from 40 units to 41 units. The actual cost of increasing production from 40 units to 41 units is $ Number E Submit Assignment
Transcribed Image Text:Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C(z), 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. If the current production level is items with cost C(z), then the cost of computing ħ additional items is C (1+h). The average cost of those h items is (C(x+h)-C(x)) As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h→0, i.e. the h derivative C² (2). Use this function in the model below for the Marginal Cost function MC(z). Problem Set question: The cost, in dollars, of producing units of a certain item is given by (a) Find the marginal cost function. MC (2)= a b √ā a k sin (a) C(z) = 0.02r³ - 20z + 450. (b) Find the marginal cost when 40 units of the item are produced. The marginal cost when 40 units are produced is $ Number (c) Find the actual cost of increasing production from 40 units to 41 units. The actual cost of increasing production from 40 units to 41 units is $ Number E Submit Assignment
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

part a of this question was incorrect. Can you help explain please? 

Solution
Bartleby Expert
SEE SOLUTION
Similar questions
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,
SEE MORE TEXTBOOKS