Connect Online Access for Essentials of Economics
11th Edition
ISBN: 9781260521269
Author: Bradley Schiller, Karen Gebhardt
Publisher: Mcgraw-hill Higher Education (us)
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Question
Chapter 5, Problem 3P
To determine
(a)
The completion of the table mentioned in the question.
To determine
(b)
The graph of the cost
To determine
(c)
The rate of the output which has the lowest per-unit cost.
To determine
(d)
The value of the fixed costs.
Expert Solution & Answer
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Check out a sample textbook solutionStudents have asked these similar questions
C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items.
(a) Find a formula for the marginal cost.
(b) Find C'(0). Give units.
(c) Graph the marginal cost function. Use your graph to find the minimum marginal cost, the production level for which the marginal cost is the smallest.
(d) For what value of x does the marginal cost return to C'(0)?
(a) Find a formula for the marginal cost.
c'(x) =D
(b) Find C'(0). Give units.
c'(0) =
(c) Use the derivative of the marginal cost function to find the minimum marginal cost, the production level for which the marginal cost is the smallest.
The minimum marginal cost of additional dollars per item produced occurs when
thousand items are produced.
d) Recall your answer to part b. For what value of x does the marginal cost return to C'(0)?
Marginal cost returns to this value of C (x) when x =
items are produced.
how to calculate total cost analysis
swered
Costs per Unit (dollars)
1000
900
800
700
600
500
400
300
200
100
0
4
Average total
cost
B
Marginal
cost
Output (units per day)
Average
variable cost
Average fixed cost
22
24
How many units of output should be produced per day if the price of the product
is
$600/unit? (provide an approximate answer in whole numbers)
Chapter 5 Solutions
Connect Online Access for Essentials of Economics
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