Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (:I). the cost of a firm producing I 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 r items with cost O (x), then the cost of computing h additionial items is O (x + h). The average cost of those h items is (C(Ith) C(I)) . 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 Of (x). Use this function in the model below for the Marginal Cost function MC (I). Problem Set question: The cost, in dollars, of producing I units of a certain item is given by C(x) = 0.0313- 5x + 350. (a) Find the marginal cost function. sin (a) MC(I) = (b) Find the marginal cost when 70 units of the item are produced. The marginal cost when 70 units are produced is $ |Number (c) Find the actual cost of increasing production from 70 units to 71 units. The actual cost of increasing production from 70 units to 71 units is $ |Number