Marsha made an extensive study into the cost function of the dining halls on the A&M campus. She found Duncan Dining Hall has a cost function C(x) = —13 +1.33x + 0.006x2 where xis measured in output in hundreds of meals a week whenever 50 < x < 120 and C(x) is measured in thousands of dollars. Find the marginal cost function and use it to estimate the cost of the 101st hundred meals they make in a week. (Round your answers to two decimal places if necessary. All answers are in thousands of dollars.) 54 53 180 78 None of the above
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Marsha made an extensive study into the cost function of the dining halls on the A&M campus. She found Duncan Dining Hall has a cost function C(x) = —13 +1.33x + 0.006x2 where xis measured in output in hundreds of meals a week whenever 50 < x < 120 and C(x) is measured in thousands of dollars. Find the marginal cost function and use it to estimate the cost of the 101st hundred meals they make in a week. (Round your answers to two decimal places if necessary. All answers are in thousands of dollars.)
- 54
- 53
- 180
- 78
- None of the above
Marginal cost is the additional cost incurred when one more unit of output is produced. It is the first derivative of the total cost function with respect to output.
The Duncan Dining Hall has a cost function.
C (x) = -13 +1.33x + 0.006x2
where x is output measured in hundreds of meals a week whenever 50 < x < 120
C (x) is total cost measured in thousands of dollars.
Therefore, the marginal cost function is, 1.33+0.012x.
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