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The total cost of the production of a firm in given by the following function C = 0.7x +18 (x = output) Find 

(i) the Total cost for an output 10 unit 

(ii) the Average cost for an output 9 unit 

(iii) the Marginal cost for an output of 6 unit

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Best answer

Given C(x) = 0.7x + 18 

(i) Total cost when x = 10 

C(x) = (0.7 × 10) + 18 = 25 

(ii) Ave cost when x = 9 

(iii) Marginal cost when x = 6 

MC = \(\frac{d}{dx}\)(TC) = \(\frac{d}{dx}\)(0.7x + 18) = 0.7.

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