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
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
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 17SQ
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