Math Problem Statement

A firm's marginal cost function is MC(q) = 5q^4 + 12q + 10. Find the total cost function if the fixed costs are 600.

Solution

To solve this problem:

We are given the marginal cost function MC(q)=5q4+12q+10MC(q) = 5q^4 + 12q + 10 and the fixed cost is 600600. The total cost function C(q)C(q) can be found by integrating the marginal cost function and then adding the fixed cost.

Step 1: Integrate MC(q)MC(q)

The total cost function is the integral of the marginal cost function: C(q)=MC(q)dq+Fixed CostC(q) = \int MC(q) \, dq + \text{Fixed Cost}

So, C(q)=(5q4+12q+10)dq+600C(q) = \int \left( 5q^4 + 12q + 10 \right) dq + 600

Step 2: Compute the integral term by term

5q4dq=55q5=q5\int 5q^4 \, dq = \frac{5}{5}q^5 = q^5 12qdq=122q2=6q2\int 12q \, dq = \frac{12}{2}q^2 = 6q^2 10dq=10q\int 10 \, dq = 10q

Thus, MC(q)dq=q5+6q2+10q\int MC(q) \, dq = q^5 + 6q^2 + 10q

Step 3: Add the fixed cost

Now include the fixed cost of 600: C(q)=q5+6q2+10q+600C(q) = q^5 + 6q^2 + 10q + 600

Final Answer:

C(q)=q5+6q2+10q+600C(q) = q^5 + 6q^2 + 10q + 600

Let me know if you'd like a detailed breakdown of any of the steps.

Related Questions:

  1. How do you calculate fixed costs from a total cost function?
  2. What is the economic interpretation of marginal cost?
  3. How do you verify integration results for accuracy?
  4. What happens to total costs if marginal cost is constant?
  5. Can marginal cost functions involve trigonometric terms?

Tip:

Always double-check the constants when solving integration problems involving fixed costs, as they significantly affect the final total cost function.

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Math Problem Analysis

Mathematical Concepts

Calculus
Integration
Cost Functions

Formulas

MC(q) = dC(q)/dq
C(q) = ∫MC(q)dq + Fixed Cost

Theorems

Fundamental Theorem of Calculus

Suitable Grade Level

Undergraduate Economics or Calculus Level