Consider the cost function C x 7x2 12x 24 thousand dollars a What is the marginal cost at production level x 5 b Use the

Question

Consider the cost function C x 7x2 12x 24 thousand dollars a What is the marginal cost at production level x 5 b Use the marginal cost at x 5 to estimate the cost of producing 5 50 units c Let R x x 41x 36 denote the revenue in thousands of dollars generated from the production of x units What is the break even point Recall that the break even point is when the revenue is equal to the cost d Compute and compare the marginal revenue and marginal cost at the break even point Should the company increase production beyond the break even point a The marginal cost at production level x 5 is C

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