Question

Given the total cost function for x units of a commodity as:

C(x) = 1 3 x3 + 3x2 – 16x + 2.

Find:

(i) Marginal cost function

(ii) Average cost function

Answer 1

(i) marginal cost =d/dx C (x)

= C′ (x)

MC = x 2 + 6x – 16

(ii)