Question: Please find all the answers Consider the following cost function. a. Find the average cost and marginal cost functions. b. Determine the average and marginal
Please find all the answers

Consider the following cost function. a. Find the average cost and marginal cost functions. b. Determine the average and marginal cost when x = a. c. Interpret the values obtained in part (b). C(x) = 0.01x +0.6x + 20x + 140, OSxs 1500, a =1000 a. The average cost function is C(x) =. The marginal cost is function is C'(x) = b. The average cost when x = a is $ . (Round to two decimal places as needed.) The marginal cost when x = a is $ .(Round to two decimal places as needed.) c. Choose the correct interpretation of the average cost when x = a. O A. The cost of producing 1000 items is about $9,320.14. O B. The cost of producing the 1001st item is about $1,543.52. O C. The cost of producing the 1001st item is about $31,220.00. O D. The average cost per item is about $10,620.14 when 1000 items are produced. Choose the correct interpretation of the marginal cost when x = a. O A. The cost of producing 1001 items is about $343.52. O B. The average cost per item is about $10,620.14 when 1000 items are produced. O C. The cost of producing the 1001st item is about $31,220.00. O D. The cost of producing 1000 items is about $9,320.14
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
