Find the average cost function if cost and revenue are given by C(x)= 157+8.9x and R(x)= 8x-0.05x. %3D The average cost function is C(x)=|
Minimization
In mathematics, traditional optimization problems are typically expressed in terms of minimization. When we talk about minimizing or maximizing a function, we refer to the maximum and minimum possible values of that function. This can be expressed in terms of global or local range. The definition of minimization in the thesaurus is the process of reducing something to a small amount, value, or position. Minimization (noun) is an instance of belittling or disparagement.
Maxima and Minima
The extreme points of a function are the maximum and the minimum points of the function. A maximum is attained when the function takes the maximum value and a minimum is attained when the function takes the minimum value.
Derivatives
A derivative means a change. Geometrically it can be represented as a line with some steepness. Imagine climbing a mountain which is very steep and 500 meters high. Is it easier to climb? Definitely not! Suppose walking on the road for 500 meters. Which one would be easier? Walking on the road would be much easier than climbing a mountain.
Concavity
In calculus, concavity is a descriptor of mathematics that tells about the shape of the graph. It is the parameter that helps to estimate the maximum and minimum value of any of the functions and the concave nature using the graphical method. We use the first derivative test and second derivative test to understand the concave behavior of the function.
![**Find the average cost function if cost and revenue are given by \( C(x) = 157 + 8.9x \) and \( R(x) = 8x - 0.05x^2 \).**
The average cost function is \( \bar{C}(x) = \) [box for input].
**Explanation:**
To find the average cost function, \( \bar{C}(x) \), you'll divide the total cost function, \( C(x) = 157 + 8.9x \), by the number of units, \( x \). The average cost function is given by:
\[
\bar{C}(x) = \frac{C(x)}{x} = \frac{157 + 8.9x}{x} = \frac{157}{x} + 8.9
\]
There are no graphs or diagrams in the image.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F275dfc1d-008f-481a-80af-7eb20780ee2e%2Fbd8d7a84-3bfa-4178-bcc8-2689498cde8b%2Fcqis539_processed.jpeg&w=3840&q=75)
![The total cost (in dollars) of manufacturing x auto body frames is given as \( C(x) = 80,000 + 500x \).
**(A)** Find the average cost per unit if 250 frames are produced.
**(B)** Find the marginal average cost at a production level of 250 units. (Round to the nearest cent as needed.)
**(C)** Use the results from parts (A) and (B) to estimate the average cost per frame if 251 frames are produced. (Round to the nearest cent as needed.)
**(A)** If 250 frames are produced, the average cost is $ [ ] per frame.
**(B)** The marginal average cost at a production level of 250 units is $ [ ] per frame. (Round to the nearest cent as needed.)
**(C)** Using the results from parts (A) and (B), the estimate of the average cost per frame if 251 frames are produced is $ [ ]. (Round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F275dfc1d-008f-481a-80af-7eb20780ee2e%2Fbd8d7a84-3bfa-4178-bcc8-2689498cde8b%2Frv75b4_processed.jpeg&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
