Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please find all the answers Consider the following cost function. a. Find the average cost and marginal cost functions. b. Determine the average and marginal

Please find all the answers

image text in transcribed
Consider the following cost function. a. Find the average cost and marginal cost functions. b. Determine the average and marginal cost when x = a. c. Interpret the values obtained in part (b). C(x) = 0.01x +0.6x + 20x + 140, OSxs 1500, a =1000 a. The average cost function is C(x) =. The marginal cost is function is C'(x) = b. The average cost when x = a is $ . (Round to two decimal places as needed.) The marginal cost when x = a is $ .(Round to two decimal places as needed.) c. Choose the correct interpretation of the average cost when x = a. O A. The cost of producing 1000 items is about $9,320.14. O B. The cost of producing the 1001st item is about $1,543.52. O C. The cost of producing the 1001st item is about $31,220.00. O D. The average cost per item is about $10,620.14 when 1000 items are produced. Choose the correct interpretation of the marginal cost when x = a. O A. The cost of producing 1001 items is about $343.52. O B. The average cost per item is about $10,620.14 when 1000 items are produced. O C. The cost of producing the 1001st item is about $31,220.00. O D. The cost of producing 1000 items is about $9,320.14

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Calculus

Authors: Jon Rogawski, Colin Adams, Robert Franzosa

4th Edition

1319055842, 9781319055844

Students also viewed these Mathematics questions