A Company Has Determined That Its Marginal Cost Function (In

question 226

Short Answer

A company has determined that its marginal cost function (in dollars)is given by
where x is the number of units made.Find the total cost for making 12 units by finding the area in the first quadrant bounded by
and the lines y = 0,x = 0,and x = 12.

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Definitions:

Input Proportions

The ratio of one type of input to another type of input used in the production of goods or services.

Market Price

The current price at which a good or service can be bought or sold in a competitive marketplace.

Production Increase

An uptick in the quantity of goods and services produced within a given time frame.