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ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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
Transcribed Image Text:The estimated cost to produce x items is given by the function:
C(x) = 0.004x² + 5x + 6000
Determine the average cost and marginal cost of producing 2,000 items and
calculate the level of output for which the average cost is the lowest and what that
cost is.
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- Find the cost function for the marginal cost function. C'(x) = 0 06 e 0.01x 7 fixed cost is S7 C(x) =Darrow_forwardIf C = 0.0001Q2 + 3Q + 6000 is a total-cost function, find the marginal cost when Q = 100.arrow_forwardFor the given cost function C'(x) = 78400 + 200x + x², First, find the average cost function. Use it to find: a) The production level that will minimize the average cost X = b) The minimal average cost $arrow_forward
- 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.arrow_forwardQuestion 22arrow_forwardFor the given cost function C(x) = 40000 + 700x + x² find: a) The cost at the production level 1700 b) The average cost at the production level 1700 c) The marginal cost at the production level 1700 d) The production level that will minimize the average cost e) The minimal average costarrow_forward
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