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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