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everything is write except the MC question a). The part with the arrow Introduction to Calculus in Economics (continued): In the previous Problem Set question,

everything is write except the MC question a). The part with the arrow

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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 x items with cost C' (x), then the cost of computing h additionial items is C (x + h). The average cost of those h items is C(ath)-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 (z). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by C (2) = 0.02x3 - 15x + 400. (a) Find the marginal cost function. MC (x ) = (b) Find the marginal cost when 30 units of the item are produced. The marginal cost when 30 units are produced is $ 39 (c) Find the actual cost of increasing production from 30 units to 31 units. The actual cost of increasing production from 30 units to 31 units is $ 40. 82 d/modules/unproctored Test. Print

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