The average cost per item to produce q items is given by a(q) = 0.01q² - 0.6q+17, for q>0. What is the total cost, C(q), of producing a goods? C(q) = What is the minimum marginal cost? minimum MC = (Be sure you can say what the practical interpretation of this result is!) At what production level is the average cost a minimum? q= What is the lowest average cost? minimum average cost = Compute the marginal cost at q = 30. MC(30) = How does this relate to your previous answer? Explain this relationship both analytically and in words.
The average cost per item to produce q items is given by a(q) = 0.01q² - 0.6q+17, for q>0. What is the total cost, C(q), of producing a goods? C(q) = What is the minimum marginal cost? minimum MC = (Be sure you can say what the practical interpretation of this result is!) At what production level is the average cost a minimum? q= What is the lowest average cost? minimum average cost = Compute the marginal cost at q = 30. MC(30) = How does this relate to your previous answer? Explain this relationship both analytically and in words.
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Transcribed Image Text:The average cost per item to produce q
items is given by
a(q) = 0.01q² - 0.6q+17, for q>0.
What is the total cost, C(q), of producing a goods?
C(q) =
What is the minimum marginal cost?
minimum MC =
(Be sure you can say what the practical interpretation
of this result is!)
At what production level is the average cost a
minimum?
q=
What is the lowest average cost?
minimum average cost =
Compute the marginal cost at q = 30.
MC(30) =
How does this relate to your previous answer? Explain
this relationship both analytically and in words.
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