Given the following production cost function: TC=5+29 R1 R² +0.5 R³ TC: total cost in '00 (hundreds) $ per month R: production rate in '00 (hundreds) units per month At what production rate is the marginal cost minimized? Enter your answer in units of units per month. Round your answer to the nearest unit. A

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section12.4: Costs In The Short Run And In The Long Run
Problem 4QQ
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Given the following production cost function:
TC = 5 + 29 R1 R² +0.5 R³
TC: total cost in '00 (hundreds) $ per month
R: production rate in 00 (hundreds) units per month
At what production rate is the marginal cost minimized?
Enter your answer in units of units per month. Round your answer to the nearest
unit.
Your Answer:
Answer
Transcribed Image Text:Given the following production cost function: TC = 5 + 29 R1 R² +0.5 R³ TC: total cost in '00 (hundreds) $ per month R: production rate in 00 (hundreds) units per month At what production rate is the marginal cost minimized? Enter your answer in units of units per month. Round your answer to the nearest unit. Your Answer: Answer
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