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)?
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax