Concept explainers
Problems 25–26 involve the average cost of manufacturing a quantity q of a good, which is defined to be
The average cost per item to produce q items is given by
- (a) What is the total cost, C(q), of producing q goods?
- (b) What is the minimum marginal cost? What is the practical interpretation of this result?
- (c) At what production level is the average cost a minimum? What is the lowest average cost?
- (d) Compute the marginal cost at q = 30. How does this relate to your answer to part (c)? Explain this relationship both analytically and in words.
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Calculus: Single And Multivariable
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