Question
The average cost function for an electric light and power plant is estimated to be c(q) 0.01q 0.05 0.25/q (in dollars/kWh), where q is output
The average cost function for an electric light and power plant is estimated to be c(q) 0.01q 0.05 0.25/q (in dollars/kWh), where q is output (in kilowatt hours, kWh).
(a) Find the total cost when q = 1 kWh.
(b) Find the marginal-cost function.
(c) Find the output q for which the average cost is the minimum.
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Financial Analysis With Microsoft Excel
Authors: Timothy R. Mayes
9th Edition
0357442059, 9780357442050
