3. The **marginal cost** of producing a product is the cost of producing one more unit.If you produce $ n $ units, then it is essentially the instantaneous rate of change of the total cost after producing $ n $ units, or the cost to produce one more item ($ n + 1 $).a) Given the total cost of producing $ x $ units $ C(x) = 10,000 + 5x + 0.01x^2 $, calculate the marginal cost at $ x = 500 $. Include units of measure.b) What is the total cost of making 500 units? 501 units? How do these values support your answer found in part (a)?

Answer: Given: Total cost function: Cx=10,000+5x+0.01x2 Calculation: (a). The marginal cost of a…

The marginal cost of producing a product is the cost of producing one more unit. If you produce n units, then it is essentially the instantaneous rate of change of the total cost after producing n units, or the cost to produce one more item (n + 1). Given the total cost of producing x units C(x) x = 500. Include units of measure. = 10,000 + 5x + 0.01x², calculate the marginal cost at a) b) What is the total cost of making 500 units? 501 units? How do these values support your answer found in part (a)?

The marginal cost of producing a product is the cost of producing one more unit. If you produce n units, then it is essentially the instantaneous rate of change of the total cost after producing n units, or the cost to produce one more item (n + 1). Given the total cost of producing x units C(x) x = 500. Include units of measure. = 10,000 + 5x + 0.01x², calculate the marginal cost at a) b) What is the total cost of making 500 units? 501 units? How do these values support your answer found in part (a)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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