79% pshir x Training and Certificati Start Here - MAT-350 zy Section 1.2 - MAT 350 X a snhu.mobius.cloud . . . Help | Amy bradley (amy bradley 1@snhu.edu) | Logout Gradebook - External - w6 Cale 1: Single-Variable Calc Module Eight 8-2 Module Eight Problem Set roblem Set Current Grade: 32.0 / 50.0 Remaining Time: 159:30:10 Do you need help with this problem or this material? Remember to use the Academic Support resources available on your homepage in Brightspace or PPORT or in the learning modules. Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (a ) , the cost of a firm producing a 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 a items with cost C (a) , then the cost of computing h additional items is C (x + h). The average cost of those h items is h (C(x-th)-C(2)) 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 derivative C' (a) . Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by C(x) = 0.0423 - 15x 4 500. (a) Find the marginal cost function. a sin (a) ? a MC(x) E (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 Submit Assignment Quit & Save Back Question Menu Next