Question

If the demand function is given by C(x)=14x3+8x-160, where x stands for number of units manufactured , then find the marginal cost (MC) when x=8

Answer 1

Answer:

ᴅᴇʟɪᴠᴇʀᴇᴅ ᴏɴ ɴᴏᴠᴇᴍʙᴇʀ , .

ᴍʀ. ᴘʀᴇsɪᴅᴇɴᴛ, ᴅɪsᴛɪɴɢᴜɪsʜᴇᴅ ɢᴜᴇsᴛs ᴀɴᴅ

ʟᴀᴅɪᴇs ᴀɴᴅ ɢᴇɴᴛʟᴇᴍᴇɴ-

ᴛʜɪs ɪs ᴀ ʜɪsᴛᴏʀɪᴄ ᴏᴄᴄᴀsɪᴏɴ ɪɴ ᴛʜᴇ ᴀɴɴᴀʟs ᴏғ ᴛʜᴇ ʜɪɢʜ ᴄᴏᴜʀᴛ ᴏғ ᴀʟʟᴀʜᴀʙᴀᴅ-ᴛʜᴇ ʟᴀʀɢᴇsᴛ ᴛᴇᴍᴘʟᴇ ᴏғ ᴊᴜsᴛɪᴄᴇ ɪɴ ɪɴᴅɪᴀ, ᴀɴᴅ,

ɪɴᴅᴇᴇᴅ, ᴏɴᴇ ᴏғ ᴛʜᴇ ʟᴀʀɢᴇsᴛ ɪɴ ᴛʜᴇ ᴡᴏʀʟᴅ. ᴅɪsᴛɪɴɢᴜɪsʜᴇᴅ ᴅɪɢɴɪᴛᴀʀɪᴇs ғʀᴏᴍ ғᴀʀ ᴀɴᴅ ɴᴇᴀʀ ʜᴀᴠᴇ ɢᴀᴛʜᴇʀᴇᴅ ᴛᴏɢᴇᴛʜᴇʀ ᴀᴛ ᴛʜɪs

ᴍᴏᴍᴇɴᴛ ᴛᴏ ᴊᴏɪɴ ᴜs ɪɴ ᴄᴇʟᴇʙʀᴀᴛɪɴɢ ᴛʜᴇ ᴄᴏᴍᴘʟᴇᴛɪᴏɴ ᴏғ ʏᴇᴀʀs ᴏғ ᴛʜᴇ ᴇxɪsᴛᴇɴᴄᴇ ᴏғ ᴛʜɪs ɢʀᴇᴀᴛ ᴀɴᴅ ɢʟᴏʀɪᴏᴜs

ɪɴsᴛɪᴛᴜᴛɪᴏɴ. ᴏɴ ᴛʜɪs ᴍᴇᴍᴏʀᴀʙʟᴇ ᴅᴀʏ, ɪᴛ ɪs ᴍʏ ᴜɴɪǫᴜᴇ ᴘʀɪᴠɪʟᴇɢᴇ ᴛᴏ ᴇxᴛᴇɴᴅ ᴀ ᴠᴇʀʏ ᴄᴏʀᴅɪᴀʟ ᴡᴇʟᴄᴏᴍᴇ ᴛᴏ ᴀʟʟ ᴏғ ʏᴏᴜ ᴏɴ

ʙᴇʜᴀʟғ ᴏғ ᴍʏ ʙʀᴏᴛʜᴇʀ ᴊᴜᴅɢᴇs, ᴍᴇᴍʙᴇʀs ᴏғ ᴛʜᴇ ʙᴀʀ, ᴛʜᴇ sᴛᴀғғ ᴏғ ᴛʜɪs ᴄᴏᴜʀᴛ, ᴀɴᴅ ᴍʏsᴇʟғ.

ᴡᴇ ғᴇᴇʟ ᴘᴀʀᴛɪᴄᴜʟᴀʀʟʏ ʜᴏɴᴏᴜʀᴇᴅ ᴀɴᴅ ɢʀᴀᴛɪғɪᴇᴅ ᴛʜᴀᴛ ʏᴏᴜ, ᴍʀ. ᴘʀᴇsɪᴅᴇɴᴛ, ᴀʀᴇ ɪɴ ᴏᴜʀ ᴍɪᴅsᴛ ᴛᴏᴅᴀʏ ᴛᴏ ɪɴᴀᴜɢᴜʀᴀᴛᴇ ᴛʜᴇ

ᴄᴇɴᴛᴇɴᴀʀʏ ᴄᴇʟᴇʙʀᴀᴛɪᴏɴs ᴏғ ᴛʜɪs ᴄᴏᴜʀᴛ ɴᴏᴛ ᴏɴʟʏ ʙᴇᴄᴀᴜsᴇ ʏᴏᴜ ᴀʀᴇ" ᴛʜᴇ ᴄᴏɴsᴛɪᴛᴜᴛɪᴏɴᴀʟ ʜᴇᴀᴅ ᴏғ ᴛʜᴇ ɪɴᴅɪᴀɴ ʀᴇᴘᴜʙʟɪᴄ,

ᴡʜᴏ ɪɴᴠᴇsᴛs ᴇᴠᴇʀʏ ʜɪɢʜ ᴄᴏᴜʀᴛ ᴊᴜᴅɢᴇ, ʙʏ ᴍᴇᴀɴs ᴏғ ʏᴏᴜʀ ᴡᴀʀʀᴀɴᴛ ᴏғ ᴀᴘᴘᴏɪɴᴛᴍᴇɴᴛ, ᴡɪᴛʜ ᴄᴏɴsᴛɪᴛᴜᴛɪᴏɴᴀʟ ᴀᴜᴛʜᴏʀɪᴛʏ ᴛᴏ

ᴘᴇʀғᴏʀᴍ ʜɪs ʜɪɢʜ ᴊᴜᴅɪᴄɪᴀʟ ғᴜɴᴄᴛɪᴏɴs, ʙᴜᴛ ᴀʟsᴏ ʙᴇᴄᴀᴜsᴇ ʏᴏᴜ ᴀʀᴇ ᴀ ɢʀᴇᴀᴛ ᴘʜɪʟᴏsᴏᴘʜᴇʀ-sᴛᴀᴛᴇsᴍᴀɴ, ᴡʜᴏsᴇ ᴡʀɪᴛɪɴɢs ᴀɴᴅ

ᴜᴛᴛᴇʀᴀɴᴄᴇs ᴡɪʟʟ ʀᴇᴍᴀɪɴ ᴀ sᴏᴜʀᴄᴇ ᴏғ ᴘᴇʀᴇɴɴɪᴀʟ ɪɴsᴘɪʀᴀᴛɪᴏɴ ᴛᴏ ɢᴇɴᴇʀᴀᴛɪᴏɴs ᴏғ ᴍᴇɴ ᴀɴᴅ ᴡᴏᴍᴇɴ ᴛᴏ ᴄᴏᴍᴇ. ʏᴏᴜ ʙᴇʟᴏɴɢ

ᴛᴏ ᴛʜᴀᴛ ɢʟᴏᴡɪɴɢ ɢᴀʟᴀxʏ ᴏғ sᴀɢᴇ ᴡʜᴏsᴇ ᴡʀɪᴛɪɴɢs ᴀɴᴅ sᴘᴇᴇᴄʜᴇs ʀᴀɴᴋ ᴀᴍᴏɴɢ ᴛʜᴇ ғᴏʀᴍᴀᴛɪᴠᴇ ғᴀᴄᴛᴏʀs ғᴏʀ ᴛʜᴇ ʟɪᴠᴇs ᴀɴᴅ

ᴛʜᴏᴜɢʜᴛs ᴏғ ᴍᴇɴ ᴀɴᴅ ᴡᴏᴍᴇɴ ᴏғ ᴛʜᴇ ᴍᴏᴅᴇʀɴ ᴀɢᴇ ᴛʜʀᴏᴜɢʜᴏᴜᴛ ᴛʜᴇ ᴡᴏʀʟᴅ. ʏᴏᴜ ʜᴀᴠᴇ, ʙʏ ʏᴏᴜʀ ᴡʀɪᴛɪɴɢs, ɪɴᴛᴇʀᴘʀᴇᴛᴇᴅ ᴛʜᴇ

ᴘʜɪʟᴏsᴏᴘʜʏ ᴏғ ᴏᴜʀ ᴀɴᴄɪᴇɴᴛ ʀɪsʜɪs ᴛᴏ ɢᴜɪᴅᴇ ᴜs ᴀᴍɪᴅsᴛ ᴛʜᴇ ᴄᴏᴍᴘʟᴇxɪᴛɪᴇs ᴏғ ᴛʜɪs ɪɴᴅᴜsᴛʀɪᴀʟ ᴀɢᴇ. ᴡʜɪʟᴇ ᴡᴇʟᴄᴏᴍɪɴɢ ʏᴏᴜ,

ᴍʀ. ᴘʀᴇsɪᴅᴇɴᴛ, ɪ ᴄᴀɴɴᴏᴛ ʜᴇʟᴘ ʀᴇғᴇʀʀɪɴɢ ᴛᴏ ᴀ ᴘᴇʀsᴏɴᴀʟ ʟɪɴᴋ ᴛʜᴀᴛ ᴇxɪsᴛs ʙᴇᴛᴡᴇᴇɴ ᴜs--ᴛʜᴇ ʟɪɴᴋ ᴡʜɪᴄʜ ʙɪɴᴅs ᴀ sᴛᴜᴅᴇɴᴛ

ᴀɴᴅ ᴀ ᴘʀᴏғᴇssᴏʀ ᴏғ ᴛʜᴇ sᴀᴍᴇ ɪɴsᴛɪᴛᴜᴛɪᴏɴ. ɪ ᴡᴀs ᴀ sᴛᴜᴅᴇɴᴛ ᴏғ ᴘʜɪʟᴏsᴏᴘʜʏ ɪɴ ᴛʜᴇ ᴘʀᴇsɪᴅᴇɴᴄʏ ᴄᴏʟʟᴇɢᴇ, ᴍᴀᴅʀᴀs, 'ᴏғ

ᴡʜɪᴄʜ ʏᴏᴜ ᴡᴇʀᴇ ᴀ ᴅɪsᴛɪɴɢᴜɪsʜᴇᴅ ᴘʀᴏғᴇssᴏʀ ɪɴ ᴛʜᴀᴛ ᴠᴇʀʏ sᴜʙᴊᴇᴄᴛ. ᴡᴇ ᴀʀᴇ ᴀʟsᴏ ᴅᴇᴇᴘʟʏ ᴏʙʟɪɢᴇᴅ ᴀɴᴅ ɢʀᴇᴀᴛʟʏ ʜᴏɴᴏᴜʀᴇᴅ

ʙʏ ᴛʜᴇ ᴘʀᴇsᴇɴᴄᴇ, ᴏɴ ᴛʜɪs ᴏᴄᴄᴀsɪᴏɴ, ᴏғ ᴛʜᴇ ᴄʜɪᴇғ ᴊᴜsᴛɪᴄᴇ ᴏғ ɪɴᴅɪᴀ, ᴍʀ. ᴋ. sᴜʙʙᴀ ʀᴀᴏ, ᴡʜᴏ ᴘʀᴇsɪᴅᴇs ᴏᴠᴇʀ ᴛʜᴇ

ᴅᴇsᴛɪɴɪᴇs ᴏғ ᴛʜᴇ ʜɪɢʜᴇsᴛ ᴄᴏᴜʀᴛ ᴏғ ᴊᴜsᴛɪᴄᴇ ᴏғ ᴛʜɪs ʟᴀɴᴅ. ʜɪs ᴅᴇᴇᴘ ᴇʀᴜᴅɪᴛɪᴏɴ ᴀɴᴅ ᴘᴏᴡᴇʀғᴜʟ ᴇxᴘᴏsɪᴛɪᴏɴ ᴏғ ᴛʜᴇ ᴘʀɪɴᴄɪᴘʟᴇs

ᴏғ ᴛʜᴇ ʟᴀᴡ ᴏғ ᴛʜᴇ ᴄᴏɴsᴛɪᴛᴜᴛɪᴏɴ ᴀɴᴅ ᴏᴛʜᴇʀ ʙʀᴀɴᴄʜᴇs ᴏғ ʟᴀᴡ, ᴡʜɪᴄʜ ᴀʀᴇ ɴᴏᴛ ʟᴇss ɪᴍᴘᴏʀᴛᴀɴᴛ ғᴏʀ ᴛʜᴇ ᴅᴀɪʟʏ ʟɪᴠᴇs ᴏғ ᴛʜᴇ

ᴄɪᴛɪᴢᴇɴs, ɪʟʟᴜᴍɪɴᴇ ᴛʜᴇ ʟᴇɢᴀʟ ғɪʀᴍᴀᴍᴇɴᴛ ᴏғ ᴛʜᴇ sᴜᴘʀᴇᴍᴇ ᴄᴏᴜʀᴛ ғʀᴏᴍ ᴡʜɪᴄʜ ᴀʟʟ ᴄᴏᴜʀᴛs ᴏғ ᴊᴜsᴛɪᴄᴇ ɪɴ ᴛʜɪs ᴄᴏᴜɴᴛʀʏ sᴇᴇᴋ

ᴜʟᴛɪᴍᴀᴛᴇ ʟɪɢʜᴛ ᴀɴᴅ ɢᴜɪᴅᴀɴᴄᴇ. ʜᴇ ɪs ᴛʜᴇ ᴄᴇɴᴛʀᴀʟ ғɪɢᴜʀᴇ ɪɴ ᴀʟʟ ᴏᴜʀ ɪᴛᴇᴍs ɪɴ ᴛʜᴇ ᴄᴇɴᴛᴇɴᴀʀʏ ᴄᴇʟᴇʙʀᴀᴛɪᴏɴs. ᴏᴜʀ ᴇɴᴛɪʀᴇ

sᴘᴏᴛ ɪɴ ᴛʜɪs ᴀɴᴄɪᴇɴᴛ ʟᴀɴᴅ ᴏғ ʟᴏᴠᴇ ᴀɴᴅ ɢʟᴏʀʏ. ᴡᴇ ᴀʟsᴏ ᴇxᴛᴇɴᴅ ʀᴇsᴘᴇᴄᴛғᴜʟ ᴀɴᴅ

ᴄᴏʀᴅɪᴀʟ ᴡᴇʟᴄᴏᴍᴇ ᴛᴏ ᴛʜᴇ ʟᴏʀᴅ ᴘʀᴇsɪᴅᴇɴᴛ ᴏғ ᴛʜᴇ ғᴇᴅᴇʀᴀʟ ᴄᴏᴜʀᴛ ᴏғ ᴍᴀʟᴀʏsɪᴀ, ᴛᴀɴ sʀɪ sʏᴇᴅ sʜᴇʜ ʙᴀʀᴀᴋʙᴀʜ, ʜɪs

ʙʀᴏᴛʜᴇʀ ᴊᴜᴅɢᴇ, ᴍʀ. ᴊᴜsᴛɪᴄᴇ ʜ. ᴛ. ᴏɴɢ, ᴀɴᴅ ᴍʀs. ᴏɴɢ. ᴡᴇ ᴠᴇʀʏ ᴍᴜᴄʜ ᴀᴘᴘʀᴇᴄɪᴀᴛᴇ ᴛʜᴇ ʜɪɢʜ ᴄᴏᴍᴘʟɪᴍᴇɴᴛ ᴡʜɪᴄʜ ᴍʀs.

ᴏɴɢ ʜᴀs ᴘᴀɪᴅ ᴛᴏ ᴜs ʙʏ ᴄᴏᴍɪɴɢ ᴀʟʟ ᴛʜᴇ ᴡᴀʏ ғʀᴏᴍ ᴍᴀʟᴀʏsɪᴀ ᴛᴏ ᴀᴛᴛᴇɴᴅ ᴛʜɪs ᴄᴇʀᴇᴍᴏɴʏ. ʜᴇʀ ᴘʀᴇsᴇɴᴄᴇ ʜᴇʀᴇ ɪs ᴀɴ

ᴀғғᴇᴄᴛɪᴏɴᴀᴛᴇ ɢᴇsᴛᴜʀᴇ ᴏғ ɢᴏᴏᴅᴡɪʟʟ ᴛᴏᴡᴀʀᴅs ᴛʜᴇ ᴡᴏᴍᴀɴʜᴏᴏᴅ ᴏғ ɪɴᴅɪᴀ. ʏᴏᴜ, ᴍʏ ʟᴏʀᴅ ᴘʀᴇsɪᴅᴇɴᴛ, ᴄᴏᴍᴇ ғʀᴏᴍ ᴀ. ᴄᴏᴜɴᴛʀʏ

ᴡʜɪᴄʜ sᴛᴏᴏᴅ ʙʏ ᴜs ɪɴ ᴛʜᴇ ᴛɪᴍᴇ ᴏғ ᴄʀɪsɪs, ᴇᴠᴇɴ ᴀᴛ ᴛʜᴇ ᴄᴏsᴛ ᴏғ ɪɴᴄᴜʀʀɪɴɢ ᴛʜᴇ sᴇᴠᴇʀᴇ ᴅɪsᴘʟᴇᴀsᴜʀᴇ ᴏғ ᴏᴛʜᴇʀs. ғʀɪᴇɴᴅsʜɪᴘ

ʙᴇᴛᴡᴇᴇɴ ɴᴀᴛɪᴏɴs, ʟɪᴋᴇ ᴛʜᴀᴛ ʙᴇᴛᴡᴇᴇɴ ɪɴᴅɪᴠɪᴅᴜᴀʟs, ɪs ᴛᴇsᴛᴇᴅ ɪɴ ᴛʜᴇ ʜᴏᴜʀ ᴏғ ɴᴇᴇᴅ. ʏᴏᴜʀ ᴠɪsɪᴛ ᴛᴏ ᴛʜɪs ᴄᴏᴜɴᴛʀʏ ɪs ᴀɴᴏᴛʜᴇʀ

ᴘʀᴏᴏғ ᴏғ ᴛʜᴇ ᴀʙɪᴅɪɴɢ ʟᴏᴠᴇ ᴀɴᴅ ᴀғғᴇᴄᴛɪᴏɴ ᴡʜɪᴄʜ ʏᴏᴜʀ ᴘᴇᴏᴘʟᴇ ʜᴀᴠᴇ ғᴏʀ ᴜs. ᴡᴇ ᴀʟsᴏ ᴇxᴛᴇɴᴅ ᴀ ᴄᴏʀᴅɪᴀʟ ᴡᴇʟᴄᴏᴍᴇ ᴛᴏ ᴍʀ.

ʙʜᴀɢᴡᴀᴛɪ ᴘʀᴀsᴀᴅ sɪɴɢʜ, ᴄʜɪᴇғ ᴊᴜsᴛɪᴄᴇ, ᴀɴᴅ ʜɪs ʙʀᴏᴛʜᴇʀ ᴊᴜᴅɢᴇ, ᴍʀ. ᴊᴜsᴛɪᴄᴇ ᴅʜᴀɴᴇɴᴅʀᴀ ʙᴀʜᴀᴅᴜʀ sɪɴɢʜ ᴏғ ᴛʜᴇ

sᴜᴘʀᴇᴍᴇ ᴄᴏᴜʀᴛ ᴏғ ɴᴇᴘᴀʟ. ʏᴏᴜʀ ᴄᴏᴜɴᴛʀʏ ʜᴀs ᴀ sᴘᴇᴄɪᴀʟ ᴘʟᴀᴄᴇ ɪɴ ᴏᴜʀ ʜᴇᴀʀᴛs. ᴇᴠᴇɴ ᴀғᴛᴇʀ ᴛʜᴇ ᴡʜᴏʟᴇ ᴏғ ᴛʜɪs sᴜʙ-

ᴄᴏɴᴛɪɴᴇɴᴛ ʜᴀᴅ ʙᴇᴇɴ sᴜʙᴍᴇʀɢᴇᴅ ᴜɴᴅᴇʀ ғᴏʀᴇɪɢɴ ʀᴜʟᴇ, ᴛʜᴇ ᴋɪɴɢᴅᴏᴍ ᴏғ ɴᴇᴘᴀʟ ᴘʀᴇsᴇʀᴠᴇᴅ ɪᴛs ɪɴᴅᴇᴘᴇɴᴅᴇɴᴄᴇ ᴀɴᴅ

ʙᴇᴄᴀᴍᴇ ᴛʜᴇ sʏᴍʙᴏʟ ᴏғ ғʀᴇᴇᴅᴏᴍ ғᴏʀ ᴏᴜʀ ᴄᴏᴍᴍᴏɴ ʙᴀʀ ᴀssᴏᴄɪᴀᴛɪᴏɴ.

ɴᴏᴡ ᴀ ᴊᴜᴅɢᴇ ᴏғ ᴛʜᴇ sᴜᴘʀᴇᴍᴇ ᴄᴏᴜʀᴛ ᴏғ ɪɴᴅɪᴀ-ᴇᴅ