Question

Consider the total cost function, TC = 31 + 4Q - 3Q^2 + 3Q^3 Find the marginal cost (MC) at Q= 14.​

Answer 1

Answer:

Total cost can be wrttien as,

Total cost = Fixed cost + Variable Cost

Fixed costs are costs that remain unchanged with changes in the quantity of goods demanded or supplied.

Variable Costs changes with the quantity of goods.

Given, C(Q)=3Q2+4Q+5

Here fixed Cost is 5.

Marginal cost is the change in the total cost due to one unit change in quantity of the good.

Thus, Marginal cost is given by,

MC=C′(Q)= dC(Q)dQ

Here,

MC= d(3Q2+4Q+5)dQ

MC=6Q+4

Answer:

FC=5

MC=6Q+4

Answer 2

Consider the total cost function, TC = 31 + 4Q - 3Q^2 + 3Q^3 Find the marginal cost (MC) at Q= 14.