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

#title.heat loss in a cylindrical pipe., briefly explain how the famous equ...

briefly explain how the famous equation for the loss of heat in a cylindrical pipe is derived

Calculate the probability, Data collected from the STATS 10x class survey o...

Data collected from the STATS 10x class survey one semester included responses to questions on the number of different sexual partners and on the number of pairs of shoes the stude

Intergration, Functional and variations.Block III, Consider the functiona...

Functional and variations.Block III, Consider the functional S[y]=?_1^2 v(x^2+y'')dx , y(1)=0,y(2)=B Show that if ?=S[y+eg]-S[y], then to second order in e, ?=1/2 e?_1^2¦?g^'

Ploting of mathematical graphs, how can we represent this mathematical equa...

how can we represent this mathematical equation on a graph y=2x-1

Calculate one-sided limits, Calculate the value of the following limits. ...

Calculate the value of the following limits. Solution From the graph of this function illustrated below, We can illustrate that both of the one-sided limits suffer

Linear Programming, describe phases of operations research study ?

describe phases of operations research study ?

Analalitic geometry, 1. Write down the canonical equations of the line pass...

1. Write down the canonical equations of the line passing through the point A(2,3, 4) and being parallel to the vector q ={5,0,-1}.

Indices, 4n to the power 3/2 = 8 to the power minus 1/3. find the value of ...

4n to the power 3/2 = 8 to the power minus 1/3. find the value of n.

Describe common phrases to represent math operations, Describe Common Phras...

Describe Common Phrases to Represent Math Operations? The table below shows the common phrases used in word problems to represent addition, subtraction, multiplication, and div

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