I'm stuck on this one, please help.
The Hunt Corporation manufactures a stantup stapler and has determined its cost for making the product to be the following:
c(x)=0.0001x^3-0.08x^2+40x + 5000 (where c(x) is in dollars and x is number of units.)
a) Find the actual cost of producing the 201st unit.
b) Estimate the cost of producing the 201st unit using the marginal cost function.
c) Find the percent margin by comparing the estimated and actual values from part a) and b)
Thank you in advance.
A) You have the cost function. Just plug in c(201)-c(200) to get the cost of the 201st unit.
B) estimates the change in cost. Differentiate and plug in 201 for c'(x).
C)You have the estimated and actual values. You can do basic percentages from here.
Thank you, Could you please explain this with a little more detailed. I'm still confused