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QUESTION
The cost function of a bakery that makes marmalade and jelly is given by C(m, j) = 20 + m2 + m j + j3.
The cost function of a bakery that makes marmalade and jelly is given by C(m, j) = 20 + m2 + m j + j3. Compute the marginal cost (for the two products) when m = 5 and j = 2, and explain the economic meaning of the result.
