For the cost function C=6000+100lnq (in dollars), find the cost and marginal cost at a production level of 200.
Rounds answers to two decimal places.
Cost at production level of 200 = ___?____
Marginal cost at production level of 200 = ___?___
Interpret your answers in economic terms.
Choose one:
a.) Cost tells us the approximate change in cost to produce one additional item after 200 have been produced.
b.) Cost tells us how many units can be produced at a cost of $200.
c.) Cost tells us how much it costs to produce 200 units.
d.) Cost tells us the approximate change in the number of units produced per dollar.
Choose one:
a.) Marginal cost tells us how much it costs to produce 200 units.
b.) Marginal cost tells us the approximate change in cost to produce one additional item after 200 have been produced.
c.) Marginal cost tells us how many units can be produced at a cost of $200.
d.) Marginal cost tells us the approximate change in the number of units produced per dollar.