Minimizing Production Costs The total monthly cost (in dollars) incurred by Cannon Precision Instruments for manufacturing x units of the model M1 digital camera is given by the following function. C(x) = 0.0025x² + 30x + 10,000 (a) Find the average cost function C. C(x) = (b) Find the level of production that results in the smallest average production cost. units (c) Find the level of production for which the average cost is equal to the marginal cost. units (d) Compare the result of part (c) with that of part (b). The number of units resulting in the smallest average production cost is less than the number of units for which the average cost is equal to the marginal cost. The number of units resulting in the smallest average production cost is equal to the number of units for which the average cost is equal to the marginal cost. The number of units resulting in the smallest average production cost is greater than the number of units for which the average cost is equal to the marginal cost.
Minimizing Production Costs The total monthly cost (in dollars) incurred by Cannon Precision Instruments for manufacturing x units of the model M1 digital camera is given by the following function. C(x) = 0.0025x² + 30x + 10,000 (a) Find the average cost function C. C(x) = (b) Find the level of production that results in the smallest average production cost. units (c) Find the level of production for which the average cost is equal to the marginal cost. units (d) Compare the result of part (c) with that of part (b). The number of units resulting in the smallest average production cost is less than the number of units for which the average cost is equal to the marginal cost. The number of units resulting in the smallest average production cost is equal to the number of units for which the average cost is equal to the marginal cost. The number of units resulting in the smallest average production cost is greater than the number of units for which the average cost is equal to the marginal cost.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Minimizing Production Costs The total monthly cost (in dollars) incurred by Cannon Precision Instruments for
manufacturing x units of the model M1 digital camera is given by the following function.
C(x) = 0.0025x² + 30x + 10,000
(a) Find the average cost function C.
C(x).
(b) Find the level of production that results in the smallest average production cost.
units
(c) Find the level of production for which the average cost is equal to the marginal cost.
units
(d) Compare the result of part (c) with that of part (b).
The number of units resulting in the smallest average production cost is less than the number of units for which
the average cost is equal to the marginal cost.
The number of units resulting in the smallest average production cost is equal to the number of units for which
the average cost is equal to the marginal cost.
The number of units resulting in the smallest average production cost is greater than the number of units for
which the average cost is equal to the marginal cost.
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