Question

A steel plant produces x tons of steel per week at a total cost of
Rs. ( . Find the output level at which the marginal cost attains its minimum.
(b) The demand function for a particular commodity is y = 15 for where y is the price per unit and x is the number of units demanded. Determine the price and quantity for which the revenue is maximum.

Answer 1

Answer:

The methods of differentiation find great application in estimating various quantities of interest. Furthermore, economics has differentiation tools like marginal cost and marginal revenue as its basic necessities. From calculating the change in demand for a product to the change in its cost price to estimating the rate of change in revenue with an increase in selling price; everything in practice can be efficiently found out by taking the derivative of the dependent variable of interest with respect to the independent variable. Let us learn more