1. The cost in dollars to produce x yards of a certain fabric is: C (x) = 84 + 0.16x - 0.0006x2 + 0.000003x3 a)Find the marginal cost function b)Find C '(x) and explain its meaning. What do you forecast? c)Compare C '(100) with the cost of making the 101-th yard.

1. The cost in dollars to produce x yards of a certain fabric is: C (x) = 84 + 0.16x - 0.0006x2 + 0.000003x3 a)Find the marginal cost function b)Find C '(x) and explain its meaning. What do you forecast? c)Compare C '(100) with the cost of making the 101-th yard.

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

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 7.3IP

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Question

1. The cost in dollars to produce x yards of a certain fabric is:

C (x) = 84 + 0.16x - 0.0006x² + 0.000003x³

a)Find the marginal cost function

b)Find C '(x) and explain its meaning. What do you forecast?

c)Compare C '(100) with the cost of making the 101-th yard.

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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