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Calculating the marginal cost in the given case

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The amount of capital is 17.

The TP function is
Q=TP=4.44L+3.44L^2-0.294L^3

The capital cost is $151 per unit.
The wage rate is $105 per unit.

What is the marginal cost with 8 worker(s) (to two decimal places)?

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Solution depicts the steps to estimate the marginal cost in the given case.

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Q=4.44L+3.44L^2-0.294L^3

Differentiate with respect to L, we ...

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  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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