Question: The graph of a cost function is shown below, where C ( q ) is the total production cost, in dollars, to make q units.

The graph of a cost function is shown below, where C(q) is the total production cost, in dollars, to make q units.
Use the graph to answer the questions below.
a. Suppose 3 units are produced. What is the fotal cost?
What is the average cost when 3 units are produced?
per unit
b. Suppose 10 units are produced. What is the total cost?
What is the average cost when 10 units are produced?
4 per unit
c. Use the graph of C (q) to visually determine at approximately what value of q is average cost minimized.
units
Approximate the fotal cost to produce this number of units.
4
Approximate the average cost to produce this number of units.
per unit
What is the marginal cost at this production level?
per unit
The graph of a cost function is shown below,

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