(a) Find the marginal cost function C'(x). C'(x) Use it to estimate how fast the cost is increasing when x = 60,000. | per game system Compare this with the exact cost of producing the 60,001st game system. The cost is increasing at the rate of $ | game system is $| the estimated cost of producing the 60,001st game system found using the marginal cost function. | per game system. The exact cost of producing the 60,001st J. The actual cost of producing the 60,001st game system is --Select-- (b) Find the average cost function C(x) and the average cost to produce the first 60,000 game systems. (Round your answer to the nearest cent.) C(x) C(60,000) - $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 60,000 game systems.
(a) Find the marginal cost function C'(x). C'(x) Use it to estimate how fast the cost is increasing when x = 60,000. | per game system Compare this with the exact cost of producing the 60,001st game system. The cost is increasing at the rate of $ | game system is $| the estimated cost of producing the 60,001st game system found using the marginal cost function. | per game system. The exact cost of producing the 60,001st J. The actual cost of producing the 60,001st game system is --Select-- (b) Find the average cost function C(x) and the average cost to produce the first 60,000 game systems. (Round your answer to the nearest cent.) C(x) C(60,000) - $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 60,000 game systems.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter4: Extent (how Much) Decisions
Section: Chapter Questions
Problem 3MC
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Transcribed Image Text:(a) Find the marginal cost function C'(x).
C'(x)
Use it to estimate how fast the cost is increasing when x = 60,000.
| per game system
Compare this with the exact cost of producing the 60,001st game system.
The cost is increasing at the rate of $ |
game system is $|
the estimated cost of producing the 60,001st game system found using the marginal cost function.
| per game system. The exact cost of producing the 60,001st
J. The actual cost of producing the 60,001st game system is --Select--
(b) Find the average cost function C(x) and the average cost to produce the first 60,000 game systems. (Round your
answer to the nearest cent.)
C(x)
C(60,000) - $
(c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level
of 60,000 game systems.
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