(See Steps) MARGINAL ANALYSIS In Problems 1 through 6, C(x) is the total cost of producing x units of a particular commodity and p(x) is the price at which
Question: MARGINAL ANALYSIS In Problems 1 through \(6, C(x)\) is the total cost of producing \(x\) units of a particular commodity and \(p(x)\) is the price at which all \(x\) units will be sold. Assume \(p(x)\) and \(C(x)\) are in dollars.
- Find the marginal cost and the marginal revenue.
- Use marginal cost to estimate the cost of producing the fourth unit.
- Find the actual cost of producing the fourth unit.
- Use marginal revenue to estimate the revenue derived from the sale of the fourth unit.
- Find the actual revenue derived from the sale of the fourth unit.
\(C(x)=\frac{2}{7} x^{2}+65 ; p(x)=\frac{12+2 x}{3+x}\)
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