Chapter 10.3, Problem 20E

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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* represents the number of hundreds of units produced, producing how many units will minimize average cost? Find the minimum average cost.

To determine

**To calculate:** The number of units and minimum average cost for the 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 provided function:

Now, average cost is given by the formula,

So, substitute

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 the quotient rule of derivatives to get,

Now use

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