Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C (z), the cost of producing items (of whatever they are selling). This quest with just the cost function C (a). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by Find the production level that minimizes the average cost per unit. C(z) = 5x-8√√2-8.
Calculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C (z), the cost of producing items (of whatever they are selling). This quest with just the cost function C (a). Problem Set question: The cost, in dollars, of producing a units of a certain item is given by Find the production level that minimizes the average cost per unit. C(z) = 5x-8√√2-8.
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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![### Calculus in Economics: Minimizing Average Cost
Calculus is a powerful tool used in economics. One of the initial application areas is the study of a firm, a topic in microeconomics. An important function is the cost function \( C(x) \), the cost of producing \( x \) items (of whatever they are selling). This question deals with just the cost function \( C(x) \).
#### Problem Set Question:
The cost, in dollars, of producing \( x \) units of a certain item is given by
\[ C(x) = 5x - 8\sqrt{x} - 8. \]
Find the production level that minimizes the average cost per unit.
The number of units that minimizes the average cost is __________.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa4b14bdb-fbdf-4a4d-b0e2-53699d6b8365%2Fc54e72c8-f980-46d2-8220-0326d727b4e3%2F4ufhj7n_processed.png&w=3840&q=75)
Transcribed Image Text:### Calculus in Economics: Minimizing Average Cost
Calculus is a powerful tool used in economics. One of the initial application areas is the study of a firm, a topic in microeconomics. An important function is the cost function \( C(x) \), the cost of producing \( x \) items (of whatever they are selling). This question deals with just the cost function \( C(x) \).
#### Problem Set Question:
The cost, in dollars, of producing \( x \) units of a certain item is given by
\[ C(x) = 5x - 8\sqrt{x} - 8. \]
Find the production level that minimizes the average cost per unit.
The number of units that minimizes the average cost is __________.
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