Solved: (a) If is the cost of producing units of a commodity, then the average cost per
Chapter 4, Problem 57(choose chapter or problem)
(a) If is the cost of producing units of a commodity, then the average cost per unit is . Show that if the average cost is a minimum, then the marginal cost equals the average cost.(b) If , in dollars, find (i) thecost, average cost, and marginal cost at a productionlevel of 1000 units; (ii) the production level that willminimize the average cost; and (iii) the minimum averagecost.
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