Minimum Average Cost The average cost per hour in dollars, , of producing x riding lawn mowers can be modeled by the function (a) Use a graphing utility to graph . (b) Determine the number of riding lawn mowers to produce in order to minimize average cost. (c) What is the minimum average cost?C1x2 = 0.3x2 + 21x - 251 + 2500 x
Economic Prosper in the United States ID: The Industrial Revolution - ID: Market Revolution - ID: Age of Improvements - ID: Fulton’s Folly – steam ships aid western expansion of the United States thru fast, efficient river travel ID: Erie Canal (built in 1825) – The Erie Canal linked the Great Lakes with the Atlantic Ocean, drastically lowered transportation times and costs, and ignited both an economic revolution and a desire for development throughout the region; also leads to the urbanization of rural areas along the waterway. Canals offer cheap river transportation for goods to major ocean ports like New York. Early 19 century turnpikes (toll roads) and steam locomotives improve cost over land transportation. In 1830 The Baltimore and Ohio railroad’s “Tom Thumb” was the first US-built locomotive to run in the United States. By 1850, steam travel expands transportation networks and drives costs; steam engine and new transportation networks also lowers travel time ID: Armory System of Manufacturing – involved the creation of standardized and interchangeable parts for the mass production of goods. Overtime, mechanization would contribute to the demise of skilled artisans in favor of unskilled labor. The southern US stays dedicated to agriculture. Slavery aids large farm surpluses of cotton and food for market. ID: Outwork System – The outwork system allowed for early industrial activities to be completed in the household. It was through this system that many farm families became involved in production. ID: Lowell Factory System – Attempting to avoid the social problems that plagued European factory towns, Lowell management hired young women as factory workers and closely supervised their labor force. Work gives women feeling of independence. Textile Manufacturing (1810-1840) expands with growth in cotton production and slavery in the US. ID: Impact of Mechanization – abundance of products at cheaper price, loss of skilled craftsman, workers made into robots pace pf work became faster and repetitive; spurs growth of cities.