1. If the average cost of a plant to produce a "q" unit is explained by the functions below this: C = 0.0003q2 - 0.001q + 4 + 20.000/q a. What is the marginal cost function of product q? b. What is the marginal cost when producing 10 units? c. What is the marginal cost when producing 50 units?

Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C (z), the cost of producing z items (of whatever they are selling). This question deals with just the cost function C (z). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C (z) = 5z – 8/I – 3. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number

If the average cost of producing 10 sweaters is $6.50 and the marginal cost of producing the tenth sweater is $6.25, the average cost of producing 10 sweaters will be:

The cost function of a firm is given as C1 = 400 + 20Q + 4Q using this cost function what is the efficient scale of the firm?.

What is the relationship between average variable cost and marginal cost? a) They are always equal b) Marginal cost is always higher than average variable cost c) Marginal cost is always lower than average variable cost d) The relationship varies depending on the production level

Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 40,000 10 60,000 20 65,000 30 68,000 40 70,000 50 71,000 60 72,500 70 73,500 80 74,000 90 74,300 100 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is s At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 1,000 700 30 400 90 200 100

Jenna knits scarves and then sells them on Etsy, an online marketplace. Let C(x) =4x+20 represent the cost C in dollars to produce 1 to 6 scarves. A.) Create a table to show the relationship between the number of scarves x and the cost C. B.) What are the domain and range of C? C.) What is the meaning of C(3)? D.) What is the meaning of the solution to the equation C(x) =40?

To produce the next popular toy, a company has to pay a factory $250, 000 to set up the production line. They also have to pay $25 per item for the raw materials and labor. Write  function for the average cost to produce x items. Then describe what happens to the average cost as the factory produces a large number of toys.

16. The total cost to make q quilts is C(q) = 73 +1.2q +0.05q2. a. What is a function for the marginal cost? b. Find a quantity that minimizes the average cost.

What is theoretical relationship between Marginal Cost and Average cost