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Mathematical Methods for Economics — Economics STD 11 — Question

Tamilnadu BoardEnglish MediumSTD 11EconomicsMathematical Methods for Economics3 Marks
Question
Given the total cost function $TC = 15 + 3Q_2 + 7Q_3$ drive the marginal cost function.
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Answer

Given:
$TC =15+3 Q ^2+7 Q ^2$
$MC =\frac{d(15)}{d Q}+\frac{ d \left(3 Q ^2\right)}{ dQ }+\frac{ d \left(7 Q ^3\right)}{ dQ }$
$=0+3(2) Q +7(3) Q +(3) Q ^2$
$MC =6 Q +21 Q ^2$

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