Introduction to Calculus in Economics: 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 (a), the cost of producing a 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 a units of a certain item is given by C(x) = 10x10√x-8. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number

Introduction to Calculus in Economics: 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 (a), the cost of producing a 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 a units of a certain item is given by C(x) = 10x10√x-8. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The weekly marginal cost of producing x pairs of tennis shoes is given by the following function, where C(x) is cost in dollars. C′(x)=15+500x+1 If the fixed costs are $4,000 per week, find the cost function. What is the average cost per pair of shoes if 1,000 pairs of shoes are produced each week?
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Introduction to Calculus in Economics: 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 z items (of whatever they are selling). This question deals with just the cost function C (z). Problem Set question: The cost, in dollars, of producing z units of a certain item is given by C (z) = 5z – 8/I – 3. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number
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