cost function of a firm is given by C=x(x2-2) find the marginal cost, when the production is 2 units
Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (x), the cost of a firm producing 2 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 o items with cost C(2), then the cost of computing h additionial items is C (x +h). The average cost of those h items...
2. Suppose the demand function relating demand and price is given by pix)- 50-0.005x. The total cost of making x units is given by C )-0.00001 x3-0,033 x2+48x+5,000 a) Find the revenue function R(x). b) Find the profit function P(x). c) How many units must be made and sold to maximize profit? Verify that you have found the maximum using d) e) f) the first derivative test. What is the maximum profit? What are the marginal cost, marginal revenue and...
A firm uses two inputs x1 and x2 to produce output y. The production function is given by f(x1, x2) = p min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is 2. The price of output is 10. 4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
D Question 1 1 pts If the cost of a certain product is given by C(x) - 130.4x find the marginal average cost function and use it to compute the marginal average cost of production when 5 items are produced. Give answer rounded to two decimal places. (1 point) Question 2 1 pts Gluen y = [lx' +2x + 4)(x + 1)l' calculate the derivative of this function when x 2 The derivative is L? (1 point 1 pts Question...
Next Question Find the cost function if the marginal cost function is given by C'(x)=x2 +5 and 9 units cost $123. C(x) =
Financial Mathematics Please answer question 4 and question 5 o)23:30 Oe Image Edit View Go Help En Question 4 The total cost of producing x units of a commodity per week is C(x) 200 +4x +0,1x2 (a) Find the marginal cost when the production level is 100 units. (b) Use the marginal cost to approximate the cost of producing the 101 st unit. (c) Find the exact cost of producing the 101 st unit. (d) Assuming that the commodity is...
Find the equation of the tangent line to the curve when x has the given value. 7) f(x) = 4,x=5 8) f(x) = }x=3 11) Solve the problem. 11) The profit in dollars from the sale of thousand compact disc players is P(x) = x3 - 5x2 + 3x + 8. Find the marginal profit when the value of x is 6. 12) 12) Ir the price of a product is given by Px) E 1200, where x represents the...
(1 point) The price-demand and cost functions for the production of microwaves are given as P=240- C(x) = 46000 + 40., is the number of microwaves that can be sold at a price of p dollars per unit and C where units. ) is the total cost (in dollars) of producing (A) Find the marginal cost as a function of C'(x) = (B) Find the revenue function in terms R(x) = (C) Find the marginal revenue function in terms of...
у 1200- A firm has the marginal profit function below, where P(x) is the profit earned at x dollars per unit. dP 9000 - 3000x dx (x2 - 6x+ (+10) 2 600- 0- LY 6 8 -600- The graph of this function is shown to the right. Find the total-profit function given that P = $1500 at x = $3. -1200- How can the total-profit function be found? A. Substitute the given value of P into the marginal-profit function and...
please show ALL STEPS and box answers, will thumbs up, Thanks! The price-demand and cost functions for the production of microwaves are given as 2 p=220 - 50 and C(2) = 16000 + 802, where x is the number of microwaves that can be sold at a price of p dollars per unit and C(x) is the total cost (in dollars) of producing a units. (A) Find the marginal cost as a function of x. C'(x) = 80 (B) Find...