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Total cost function running a certain business entity was found to be cost functions =50000+15X+0.01X² where X is output product calculate
The marginal cost when 100 units of product are produced?
Peter Kasongi
Dec 17, 2023
Total cost function running a certain business entity was found to be cost functions =50000+15X+0.01X² where X is output product calculate The marginal cost when 100 units of product are produced?
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Dec 17, 2023
To find the marginal cost when 100 units of product are produced, we need to find the derivative of the cost function with respect to X.
The derivative of the cost function 50000 + 15X + 0.01X² with respect to X is:
d(cost)/dX = 15 + 0.02X
Now, we can substitute X = 100 into the derivative to find the marginal cost:
Marginal cost = 15 + 0.02(100)
= 15 + 2
= 17
Therefore, the marginal cost when 100 units of product are produced is 17.
The derivative of the cost function 50000 + 15X + 0.01X² with respect to X is:
d(cost)/dX = 15 + 0.02X
Now, we can substitute X = 100 into the derivative to find the marginal cost:
Marginal cost = 15 + 0.02(100)
= 15 + 2
= 17
Therefore, the marginal cost when 100 units of product are produced is 17.
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