Question

Find the cost function for the marginal cost function

Answer 1

The cost function equation is expressed as C(x)= FC + V(x), where C equals total production cost, FC is total fixed costs, V is variable cost and x is the number of units. Understanding a firm's cost function is helpful in the budgeting process because it helps management understand the cost behavior of a product.

Answer 2

Explanation:

Hello...

➡️The find cost function Add fixed cost and variable cost to get total cost. In the example, total cost function is TC(Q) = Q^2 + 3Q + 7. Take the first derivative of the total cost function to find the marginal cost function. In the example, dTC(Q)/dQ = 2Q + 3.