Explanation Given information: Figure below shows cost with q = 10000 marked Concept Used: Average cost is the slope of the line from the origin to a point on the cost curve. The average cost is the cost per unit of producing a certain quantity; it is the total cost divided by the number of units produced. If the cost of producing a quantity q is C ( q ) , then the average cost, a ( q ) , of producing a quantity q is given by a ( q ) = C ( q ) q To determine (b) To represent: The average cost of the function given graphically. To determine (c) To find: The production level where the average cost minimized approximately.

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Question

Chapter 4.5, Problem 2P

To determine

(a)

To find:

The average cost when production level is 10,000 units and interpret it.

To determine

(b)

To represent:

The average cost of the function given graphically.

To determine

(c)

To find:

The production level where the average cost minimized approximately.

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Chapter 4.5, Problem 1P

Chapter 4.5, Problem 3P

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Chapter 4 Solutions

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Ch. 4.1 - Prob. 1P Ch. 4.1 - Prob. 2P Ch. 4.1 - Prob. 3P Ch. 4.1 - Prob. 4P Ch. 4.1 - Prob. 5P Ch. 4.1 - Prob. 6P Ch. 4.1 - Prob. 7P Ch. 4.1 - Prob. 8P Ch. 4.1 - Prob. 9P Ch. 4.1 - Prob. 10P

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Knowledge Booster

(a) To find: The average cost when production level is 10,000 units and interpret it.

Solution Summary: The author explains how the average cost is the slope of the line from the origin to a point on the cost curve.

(a) To find: The average cost when production level is 10,000 units and interpret it.

(b) To represent: The average cost of the function given graphically.

(c) To find: The production level where the average cost minimized approximately.

Want to see the full answer?

Chapter 4 Solutions

(a)

To find:

The average cost when production level is 10,000 units and interpret it.

(b)

To represent:

The average cost of the function given graphically.

(c)

To find:

The production level where the average cost minimized approximately.