Given the following production cost function: TC=5+29 R1 R² +0.5 R³ TC: total cost in '00 (hundreds) $ per month R: production rate in '00 (hundreds) units per month At what production rate is the marginal cost minimized? Enter your answer in units of units per month. Round your answer to the nearest unit. A

Given the following production cost function: TC=5+29 R1 R² +0.5 R³ TC: total cost in '00 (hundreds) $ per month R: production rate in '00 (hundreds) units per month At what production rate is the marginal cost minimized? Enter your answer in units of units per month. Round your answer to the nearest unit. A

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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