Home / Questions / Given the average cost function AC = x2 - 15x + 600, find (a) the marginal cost function M...
Given the average cost function AC = x2 - 15x + 600, find (a) the marginal cost function MC, (b) the critical point of the MC function, (c) the extreme point of MC function, (d) whether the MC function is concave up or concave down function around the extreme point, Solution: (a) TC = x*AC(x) = x х MC = dTC/dx = x2 X + 600 (b) To get the critical point of the MC function, if any, set the first-order derivative of the profit function equals 0: DMC/dx = х =0 The critical point is x = (c) The extreme point of the MC function is Around the extreme point, (d) The second-order derivative of the MC function is MC" = the MC function is said to be Note for (d): If the function is a concave down function around the extreme point, write 1. If the function is a concave up function around the extreme point, write 2.
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