Question

In a firm the cost function for output x is given as C=x³/3-20x²+70x.Find the output for which Marginal cost (Mc) is minimum.​

Answer 1

Step-by-step explanation:

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!