TO BE HANDED IN THURSDAY FEBRUARY 9 So far we have found that the derivative is useful in determining instantaneous rates of change of a function. We also discovered that velocity and acceleration of an object can be determined if we have a function that describes the position of the object at any given time. A third application of derivatives is in conducting marginal analysis studies in economic quantities such as cost, revenue and profit. The derivative is used to approximate the change in these economic quantities that result from a one unit increase in production. REQUIRED : After reviewing the problem solutions from Exam #1, read about marginal analysis in section 2.5 of your textbook and hand in the solution to this problem: If the cost of producing x units of a commodity is C(x) = x2 + 3x + 500 a) Find the marginal cost function. b) Estimate the cost of producing the 4th unit using this function. c) Find the actual cost of producing the 4tht unit. (see example 2.5.1 in your textbook for guidance)