Purchase Solution

Find Marginal Cost

Not what you're looking for?

Ask Custom Question

If the cost function for a commodity is:

C(x)= (1/90)x^3+ 4x^2+ 4x+10 dollars

Then find the marginal cost at x=3 units and tell what this predicts about the cost of producing 1 additional unit and 2 additional units. Make sure to show all steps in your work.

Purchase this Solution
Solution Summary

This solution goes through how to calculate a commodity's marginal cost given a cost function.

Solution Preview

Marginal cost is given by the derivative of the cost function

MC(x) = C'(x) = (1/90)(3x^2) + 8x + ...

Purchase this Solution
Free BrainMass Quizzes
Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

View More Free Quizzes
Related BrainMass Solutions

  • Revenue and Cost Calculations

    In previous problems I have done marginal profit. Is marginal cost and marginal revenue the same equation? a. Find the marginal cost Since C(x)=7200+60x, C'(x)=60. Hence marginal cost=60. b.

  • Marginal cost

    The lerner index is d= 1- (MC/P) I know I have to find the marginal cost to plug into the equation but I'm not sure how to find the marginal cost. Marginal Cost is $45, the cost to produce one stick.

  • cost funtion and break-even analysis

    Marginal cost: $90; 150 items cost $16,000 to produce. 3.

  • Rates of Change : Cost and Marginal Cost

    (marginal cost) c.) Find the marginal cost when 5 cases are made. When 5 cases are manufactured , the cost is increasing at the rate of $________ per case: that is the marginal cost when x+5 is $__________.

  • Determining Cost Estimating Function

    (Hint: It includes the cost of producing the product and fixed cost.) (b) Find the marginal cost function Cm for producing the product. (c) Find the number of product for minimum marginal cost. What is the marginal cost at this point?

  • Find the Marginal Revenue and Marginal Cost

    498428 Find the Marginal Revenue and Marginal Cost C(x)=5x+240 and P(x)=.3x+500 Find: 1. R(x) 2. the marginal revenue and marginal cost 3. an equation for x where marginal revenue and cost are equal Student, 1.

  • Analyzing cost, output and price relastionships

    A perfectly competitive firm increases its output as long as Marginal Cost is less than market price or Marginal Cost is just equal to market price. For first 100 plans, we find that marginal cost is $100 per hundred plan.

  • Integrals, Marginal Cost Function and Marginal Profit

    52005 Integrals, Marginal Cost Function and Marginal Profit The marginal cost function of producing q mountain bikes is a) If the fixed cost in producing the bicycles is $2000, find the total cost to produce 30 bicycles b) If the bikes are sold for

  • Calculating marginal cost of production

    Case 2: If the market price is $7000 per thousand i..e $0.70per copy We find that marginal cost of producing 50000th unit is $0.70. In this case marginal revenue i.e. price is equal to marginal cost.

  • the marginal cost function

    If fixed costs are $500, find the total cost to produce 50 items. Do I take the derivative at 2q-50? We define the marginal cost function to be the derivative of the cost function. Given is the marginal cost function C'(q)= q^2-50q+700.

View More Related Solutions