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 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(z) =5 –4V-9. 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 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(z) =5 –4V-9. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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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 \( C(x) \), 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
\[
C(x) = 5x - 4\sqrt{x - 9}.
\]
Find the production level that minimizes the average cost per unit.
The number of units that minimizes the average cost is \( \_\_\_\_\_\_\_\_\_\_ \) (input box).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492624c0-6418-4b29-86e0-006f11a113d1%2Fd8e9b4f7-2425-4988-b9da-b64c59c18008%2Fqxw8bk9_processed.png&w=3840&q=75)
Transcribed Image Text:**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 \( C(x) \), 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
\[
C(x) = 5x - 4\sqrt{x - 9}.
\]
Find the production level that minimizes the average cost per unit.
The number of units that minimizes the average cost is \( \_\_\_\_\_\_\_\_\_\_ \) (input box).
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