In Exercises 1 through 6, C(x) is the total cost of producing x units of a particular
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In Exercises 1 through 6, C(x) is the total cost of producing x units of a particular commodity and p(x) is the unit price at which all x units will be sold. Assume p(x) and C(x) are in dollars.
(a) Find the marginal cost and the marginal revenue.
(b) Use marginal cost to estimate the cost of producing the 21st unit. What is the actual cost of producing the 21st unit?
(c) Use marginal revenue to estimate the revenue derived from the sale of the 21st unit. What is the actual revenue obtained from the sale of the 21st unit?
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a b Estimated cost of 21st unit A...View the full answer
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Related Book For 
Calculus For Business, Economics And The Social And Life Sciences
ISBN: 9780073532387
11th Brief Edition
Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price
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