(a) If Csxd is the cost of producing x units of a commodity, then the average cost per
Chapter 4, Problem 59(choose chapter or problem)
(a) If Csxd is the cost of producing x units of a commodity, then the average cost per unit is csxd Csxdyx. Show that if the average cost is a minimum, then the marginal cost equals the average cost. (b) If Csxd 16,000 1 200x 1 4x 3y2 , in dollars, find (i) the cost, average cost, and marginal cost at a production level of 1000 units; (ii) the production level that will minimize the average cost; and (iii) the minimum average cost.
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