Statistics Solutions

(See Steps) Consider the cost function C(x)=(3)/(10)x^3-1/4x^2+500x+200. Say we are currently producing 7 units and plan to increase to 7.5. Use the approximation

Question: Consider the cost function \(C\left( x \right)=\frac{3}{10}{{x}^{3}}-\frac{1}{4}{{x}^{2}}+500x+200\). Say we are currently producing 7 units and plan to increase to 7.5.

  1. Use the approximation formula to estimate how the cost will change
  2. Use the marginal cost to estimate the cost of the 8 th unit
  3. Compute the actual cost of the 8 th unit.

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