The total cost () for a producer to manufacture units of a
Chapter , Problem 11.4.34(choose chapter or problem)
The total cost () for a producer to manufacture units of a good is given by () = 5000 + 50. The average cost of producing units is () = (). (a) Evaluate and interpret the economic significance of: (i) (1) (ii) (100) (iii) (1000) (iv) (10000) (b) Evaluate and interpret the economic significance of: (i) (1) (ii) (100) (iii) (1000) (iv) (10000) (c) Based on part (b), what trend do you notice in the values of () as gets large? Explain this trend in economic terms.
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