Marginal cost & cost function, Mathematics

Assignment Help:

Marginal cost & cost function

 The cost to produce an additional item is called the marginal cost and as we've illustrated in the above example the marginal cost is approximated through the rate of change of the cost function, C ( x ) .  Therefore, we described the marginal cost function to be the derivative of the cost function or, C′ ( x ) .  Let's work a rapid example of this.

Example   The production costs per day for some widget is specified by,

                        C ( x ) = 2500 -10x - 0.01x2 + 0.0002x3

What is the marginal cost while x = 200 , x = 300 & x = 400 ?

Solution

Therefore, we require the derivative and then we'll require computing some values of the derivative.

C′ ( x ) = -10 - 0.02 x + 0.0006 x2

C′ ( 200) = 10       C′ (300) =38                       C′ ( 400) = 78

Thus, in order to generates the 201st widget it will cost approximately $10. To generate the 301st widget will cost around $38.  At last, to product the 401st widget it will cost approximately $78.

 


Related Discussions:- Marginal cost & cost function

Determinarte, what is the differeance in between determinate and matrix .

what is the differeance in between determinate and matrix .

Graph for the sequence - sequences and series, Graph for the Sequence F...

Graph for the Sequence First we wish to think about the term graphing a sequence. To graph the sequence {a n } we plot the points {n, a n } as n ranges over every possible valu

Geometry, find the value of 0 that makes cos 21 degrees = sin 0 statement t...

find the value of 0 that makes cos 21 degrees = sin 0 statement true.

Rectilinear figure, In a parallelogram ABCD AB=20cm and AD=12cm.The bisecto...

In a parallelogram ABCD AB=20cm and AD=12cm.The bisector of angle A meets DC at E and BC produced at F.Find the length of CF.

What is box-and-whisker plot, Q. What is Box-and-Whisker Plot? Ans. ...

Q. What is Box-and-Whisker Plot? Ans. Line graphs or stem-and-leaf plots become difficult to manage when there is a large amount of data. Box-and-whisker plots help summa

Errors are useful in learning maths, Errors Are Useful :  While teaching c...

Errors Are Useful :  While teaching children, you must have found theft making mistakes off and on. How do you respond to the errors'? What do they tell you about the child-failur

E is irrational, If e were rational, then e = n/m for some positive integer...

If e were rational, then e = n/m for some positive integers m, n. So then 1/e = m/n. But the series expansion for 1/e is 1/e = 1 - 1/1! + 1/2! - 1/3! + ... Call the first n v

Immediate predecessor of mahavira, The twenty-third Jaina teacher, Parsva, ...

The twenty-third Jaina teacher, Parsva, the immediate predecessor of Mahavira enjoined on his disciples four great vows. To these Mahavira addes which of the followings as the fift

How many 6-inch tiles are required to tile the floor, Mark intends to tile ...

Mark intends to tile a kitchen floor, which is 9 by 11 ft. How many 6-inch tiles are required to tile the floor? a. 60 b. 99 c. 396 c. Since the tiles are calculated in

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd