1 answer

Consider the production function Y = 2X3. Determine the Total Cost and Marginal Cost functions. Px...

Question:

Consider the production function Y = 2X3. Determine the Total Cost and Marginal Cost functions. Px = $8 and fixed costs = $10

Consider the production function Y = 2X3. Determine the Total Cost and Marginal Cost functions. Px = $8 and fixed costs = $10.

Answers

Total cost = Fixed cost + Variable cost
= 10+2X^(1/3)
= 10+2*(8)^(1/3)
TC = 14

Marginal cost is the differentiation of the total cost
MC = d/dx(2X^(1/3))
= 2.d/dx(x^(1/3)
=2. (1/3)x^((1/3)-1)
=2/(3x^(2/3))
= 2/(3*8^(2/3))

MC= 0.167

.

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