Explanation Given information: The cost function is C ( q ) = 1000 + 20 q . Concept Used: Marginal cost: If you can model your cost as a function of quantity, the derivative of that is the marginal cost. It's the rate at which costs are increasing for that incremental unit. If the cost of producing a quantity q is C ( q ) , then the marginal cost, M ( q ) , of producing a quantity q is given by M ( q ) = C ' ( q ) . Average cost: Average cost is the slope of the line from the origin to a point on the cost curve. The average cost is the cost per unit of producing a certain quantity; it is the total cost divided by the number of units produced. If the cost of producing a quantity q is C ( q ) , then the average cost, a ( q ) , of producing a quantity q is given by a ( q ) = C ( q ) q Calculation: Steps Description C ( q ) = 1000 + 20 q C ' ( q ) = 0 + 20

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Question

Chapter 4.5, Problem 5P

To determine

To find:

The marginal cost and average cost of producing the 200 units.

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Chapter 4.5, Problem 4P

Chapter 4.5, Problem 6P

Chapter 4 Solutions

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The marginal cost and average cost of producing the 200 units.

Solution Summary: The author explains the marginal cost and average cost of producing the 200 units. Marginal cost is the rate at which costs are increasing for that incremental unit.

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To find: The marginal cost and average cost of producing the 200 units.

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Chapter 4 Solutions

To find:

The marginal cost and average cost of producing the 200 units.