Question

A company sells a product for $5 each.
i) The cost of producing x units is c(x)= 30+1.5x+0.008x^2. Find the marginal cost.
ii) Find the values of x at which marginal cost is equal to the marginal revenue

Answer 1

i) For the marginal cost derive the cost function. You get c'(x), the substitute x for the number of items produced.
ii) The marginal Revenue is found by deriving the Revenue function R'(x). Recall that the R(x)= c(x) - P(x). Where P(x) is the profit function. If your case I think P(x) = 5x. Now you can solve for R(x). Then derive R(x) and substitute the value of x into the function R'(x) for marginal revenue. I think I explained this right.