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Consider the cost function C(x)=5x +14x + 16 (thousand dollars). a) What is the marginal cost at production level x=4? b) Use the marginal
Consider the cost function C(x)=5x +14x + 16 (thousand dollars). a) What is the marginal cost at production level x=4? b) Use the marginal cost at x=4 to estimate the cost of producing 4.25 units. c) Let R(x)= +51x+51 denote the revenue in thousands of dollars generated from the production of x units. What is the break-even point? (Recall that the break-even point i when the revenue is equal to the cost.) d) Compute and compare the marginal revenue and marginal cost at the break-even point. Should the company increase production beyond the break-even point? a) The marginal cost at production level x=4 is $
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