Suppose that the cost function for a commodity is C(x) = 40 + x^2 dollars. (a) Find the marginal cost at x = 8 units. MC(8) = Tell what this predicts about the cost of producing 1 additional unit. The cost to produce the 9th unit is predicted to be $ . (b) Calculate C(9) - C(8) to find the actual cost of producing 1 additional unit. $
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Given the cost function C(x) = 40 + x^2 dollars, the marginal cost function is MC(x) = 2x. Substitute x = 8 into the marginal cost function: MC(8) = 2(8) = 16 dollars per unit. Show more…
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