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Applied Calculus | 5th Edition | ISBN: 9781118174920 | Authors: Deborah Hughes-Hallett Patti Frazer Lock Andrew M. Gleason Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, & 7 more
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The graph of a cost function is given in Figure 4.64. (a) At q = 25, estimate the

Chapter 4, Problem 3

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QUESTION:

The graph of a cost function is given in Figure 4.64. (a) At q = 25, estimate the following quantities and represent your answers graphically. (i) Average cost (ii) Marginal cost (b) At approximately what value of q is average cost minimized? 10 20 30 40 50 100 200 300 400 500 C(q) q $ Figure 4.64

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QUESTION:

The graph of a cost function is given in Figure 4.64. (a) At q = 25, estimate the following quantities and represent your answers graphically. (i) Average cost (ii) Marginal cost (b) At approximately what value of q is average cost minimized? 10 20 30 40 50 100 200 300 400 500 C(q) q $ Figure 4.64

ANSWER:

Problem 3

The graph of a cost function is given in Figure 4.64.

(a) At q = 25, estimate the following quantities and represent your answers graphically.

         (i) Average cost         (ii) Marginal cost

(b) At approximately what value of q is average cost minimized?

                 

                                                              Step by Step Solution

Step 1 of 3

a)

i)

Given,

The average cost

Average cost =

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