A company has a cost function C(Q) = 2 Q^2 + 10Q + 50. What is the marginal cost of producing the 5the one of output?
Answer: $30
Explanation
- To find the marginal cost (MC), you need to take the derivative of the cost function with respect to quantity (Q).
- Given cost function: C(Q) = 2Q^2 + 10Q + 50
Take the derivative of C(Q) with respect to Q:
- MC(Q) = dC/dd = 4Q + 10
Now, plug in the value Q = 5:
- MC(5) = 4(5) + 10 = 20 + 10 = $30.
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