A cost function is given. C(q) = 3800 + 7q – 0.03q² + 0.0003q³ (a) Find the average cost and marginal cost functions. average cost marginal cost (b) Use graphs of the functions in part (a) to estimate the production level that minimizes the average cost. (Round your answer to the nearest integer.) units (c) Use calculus to find the minimum average cost. (Round your answer to two decimal places.) $4

Micro Economics For Today
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Author:Tucker, Irvin B.
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Chapter7: Proudction Costs
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Practice V 3 #7 Can you show me how to do this
A cost function is given.
C(q) = 3800 + 7q – 0.03q² + 0.0003q³
(a) Find the average cost and marginal cost functions.
average cost
marginal cost
(b) Use graphs of the functions in part (a) to estimate the production level that minimizes the average cost. (Round your
answer to the nearest integer.)
units
(c) Use calculus to find the minimum average cost. (Round your answer to two decimal places.)
$4
(d) Find the minimum value of the marginal cost. (Round your answer to two decimal places.)
24
Transcribed Image Text:A cost function is given. C(q) = 3800 + 7q – 0.03q² + 0.0003q³ (a) Find the average cost and marginal cost functions. average cost marginal cost (b) Use graphs of the functions in part (a) to estimate the production level that minimizes the average cost. (Round your answer to the nearest integer.) units (c) Use calculus to find the minimum average cost. (Round your answer to two decimal places.) $4 (d) Find the minimum value of the marginal cost. (Round your answer to two decimal places.) 24
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