Chapter 10.3, Problem 17E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

If the total cost function for a product is
*x*, will result in a minimum average cost per unit? Find the minimum average cost.

To determine

**To calculate:** The minimum average cost and number of units that is *x* for the cost function

Explanation

**Given Information:**

The provided cost function is:

**Formula used:**

If

And,

Where

And the average cost is defined as:

Where

**Calculation:**

Consider the cost function

Average cost is given as:

The absolute maxima and absolute minima will occur only at the critical points. To calculate the critical points of the average cost function, find the first derivative of the function:

Use

Sect-10.1 P-1CPSect-10.1 P-2CPSect-10.1 P-3CPSect-10.1 P-4CPSect-10.1 P-1ESect-10.1 P-2ESect-10.1 P-3ESect-10.1 P-4ESect-10.1 P-5ESect-10.1 P-6E

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