The cost in dollars of producing alarm clocks is given by C(x) = 50x³ – 750x²+ 3740x +3750, where x is in units of 1000. (a) Calculate the average cost at x = 4, 6, 8, and 10. (b) Use the graphical interpretation of average cost to find the produc- tion level xo at which average cost is lowest. What is the relation between average cost and marginal cost at xo (see Figure 16)? C (S) 15,000 - 10,000 - 5000 1 2 3 4 5 6 7 8 9 10 FIGURE 16 Cost function C(x) = 50x³ – 750x² + 3740x + 3750.
The cost in dollars of producing alarm clocks is given by C(x) = 50x³ – 750x²+ 3740x +3750, where x is in units of 1000. (a) Calculate the average cost at x = 4, 6, 8, and 10. (b) Use the graphical interpretation of average cost to find the produc- tion level xo at which average cost is lowest. What is the relation between average cost and marginal cost at xo (see Figure 16)? C (S) 15,000 - 10,000 - 5000 1 2 3 4 5 6 7 8 9 10 FIGURE 16 Cost function C(x) = 50x³ – 750x² + 3740x + 3750.
Chapter3: Functions
Section3.2: Domain And Range
Problem 61SE: The cost in dollars of making x items is given by the function Cx)=10x+500. a. The fixed cost is...
Related questions
Question
Transcribed Image Text:The cost in dollars of producing alarm clocks is given by
C(x) = 50x³ – 750x²+ 3740x +3750,
where x is in units of 1000.
(a) Calculate the average cost at x = 4, 6, 8, and 10.
(b) Use the graphical interpretation of average cost to find the produc-
tion level xo at which average cost is lowest. What is the relation between
average cost and marginal cost at xo (see Figure 16)?
C (S)
15,000 -
10,000 -
5000
1 2 3 4 5 6 7 8 9 10
FIGURE 16 Cost function C(x) = 50x³ – 750x² + 3740x + 3750.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
Recommended textbooks for you
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
