A cost function is given. C(q) = 3800 + 7q – 0.03q² + 0.0003q³ (a) Find the average cost and marginal cost functions. average cost marginal cost (b) Use graphs of the functions in part (a) to estimate the production level that minimizes the average cost. (Round your answer to the nearest integer.) units (c) Use calculus to find the minimum average cost. (Round your answer to two decimal places.) $4

A cost function is given. C(q) = 3800 + 7q – 0.03q² + 0.0003q³ (a) Find the average cost and marginal cost functions. average cost marginal cost (b) Use graphs of the functions in part (a) to estimate the production level that minimizes the average cost. (Round your answer to the nearest integer.) units (c) Use calculus to find the minimum average cost. (Round your answer to two decimal places.) $4

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 17SQ

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