If the current production level is z items with cost C (x), then the cost of computing h additionial items is C (r +h). The average cost of those h items is (C(z+h)-C(x)) As we analyze the cost of...

Extracted text: If the current production level is z items with cost C (x), then the cost of computing h additionial items is C (r +h). The average cost of those h items is (C(z+h)-C(x)) As we analyze the cost of just the last item produced, this can be made into a mathematical model by taking the limit as h → 0, i.e. the derivative C' (x). Use this function in the model below for the Marginal Cost function MC (x). Problem Set question: The cost, in dollars, of producing x units of a certain item is given by C (x) = 0.03x –- 15x + 350. (a) Find the marginal cost function. MC (r) = (b) Find the marginal cost when 70 units of the item are produced. The marginal cost when 70 units are produced is $ Number (c) Find the actual cost of increasing production from 70 units to 71 units. The actual cost of increasing production from 70 units to 71 units is $ Number