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Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a rm,
Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a rm, a topic in microeconomics. An important function is the cost function function 0 (at), the cost of producing 93 items (of whatever they are selling). This question deals with just the cost function G (at). Problem Set question: The cost, in dollars, of producing :6 units of a certain item is given by 0(1) : 15:2: 8m. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number
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