Suppose that the total cost function, in dollars, for a certain commodity is given by C(x) =
Question:
Suppose that the total cost function, in dollars, for a certain commodity is given by
C(x) = 40,500 + 190x + 0.2x2
where x is the number of units produced.
(a) Find the instantaneous rate of change of the average Cost
for any level of production.
(b) Find the level of production where this rate of change equals zero.
(c) At the value found in part (b), find the instantaneous rate of change of cost and find the average cost. What do you notice?
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Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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