The total cost of production, in thousands of dollars, is C(q) = q3 12q2 + 60q, where q

Chapter 4, Problem 7

(choose chapter or problem)

The total cost of production, in thousands of dollars, is C(q) = q3 12q2 + 60q, where q is in thousands and 0 q 8. (a) Graph C(q). Estimate visually the quantity atwhich average cost is minimized. (b) Determine analytically the exact value of q at which average cost is minimized.

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