1. Average Cost Function. If a cost function is given by C(x) = 2x2 +50 for 0

1. 2. 3. 4. 5. Average Cost Function. If a cost function is given by C(x) = 2x2 + 50 foro 15, find the minimum value of the average cost function. x Graph MC(x) and C(x). What do you notice? lox, R(x) = 20x, R(x) = 30x, For the following three revenue functions, R(x) = analyze if the company's maximum profit will be positive, negative, or zero. Graph the three marginal revenue functions from problem 3 along with MC(x) and C(x). Comment on how you can use the graph to answer question 3. For extra credit, look up under allocation, over allocation and efficient allocation and explain how they relate to the graph in problem 4.