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Write average and marginal functions of the maintenance cost

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The maintenance cost of capital equipment-machineries, tools, and buildings- increases as they get older. Assume the maintenance cost of capital equipment, M(t), for a manufacturer is given by M(t) = 30 t3 + 5000 t + 400 where t is years of equipment in service.

(a) Write the average and marginal functions of the maintenance cost.

(b) Calculate M(5) and M!(5). What is the interpretation of M!(5)?

Reference no: EM13877371

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