Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I could use some help with the following calculus problem: Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of

image text in transcribed

I could use some help with the following calculus problem:

image text in transcribed
Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a rm, a topic in microeconomics. An important function is the cost function function G (2:). the cost of producing 9: items (of whatever they are selling). This question deais with just the cost function C (on). Problem Set question: The cost. in dollars, of producing 9: units of a certain item is given by C(m) : 102: 4m. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function G (3;), the cost of a firm producing :13 items. An important microeconomics concept is the marginal costr dened in (non-mathematical introductory) economics as the cost of producing one additional item. if the current production level is :3 items with cost C(56) then the cost of computing h additionial items is C (a: + h). The average cost of those it items is (C($+h)*C(-)) h derivative Cr (1:). Use this function in the model below for the Marginal Cost function M002) .As we analyze the cost ofiust the last item produced, this can be made into a mathematical model by taking the limit as h > 0, Le. the Problem Set question: The cost. in dollars. of producing :1: units of a certain item is given by C(m) = 0.0133 153.- + 200. (a) Find the marginal cost function. MC (m) : a (b) Find the marginal cost when 50 units of the item are produced. The marginal cost when 60 units are produced is $ Number (c) Find the actual cost of increasing production from 60 units to 61 units. The actual cost of increasing production from 60 units to 61 units is $ Number

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Functional Analysis And Summability

Authors: PN Natarajan

1st Edition

1000191494, 9781000191493

More Books

Students also viewed these Mathematics questions