Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started looking at the cost function C (z), the cost of a firm producing z 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 z items with cost C (x), then the cost of computing & additionial items is C(x + h). The average cost of those h items is - (C(Ith)-C(z)) h . 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 (z). Use this function in the model below for the Marginal Cost function MC(I). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C(z) = 0.0323- 20z + 300. (a) Find the marginal cost function. a sin (a) III ? MC (z) = (b) Find the marginal cost when 30 units of the item are produced. The marginal cost when 30 units are produced is $ Number (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 $ Number