Explanation Given information: Concept Used: Average cost is the slope of the line from the origin to a point on the cost curve. The average cost is the cost per unit of producing a certain quantity; it is the total cost divided by the number of units produced. If the cost of producing a quantity q is C ( q ) , then the average cost, a ( q ) , of producing a quantity q is given by To determine (b) To identify: Whether there is a value of q at which average cost is minimized, if yes, where it is minimized for the given cost function.

6th Edition

ISBN: 9781119275565

Author: Hughes-Hallett

Publisher: WILEY

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Chapter 4.5, Problem 1P

To determine

(a)

To identify:

Whether there is a value of q at which average cost is minimized, if yes, where it is minimized for the given cost function.

To determine

(b)

To identify:

Whether there is a value of q at which average cost is minimized, if yes, where it is minimized for the given cost function.

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Chapter 4.4, Problem 35P

Chapter 4.5, Problem 2P

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(a) To identify: Whether there is a value of q at which average cost is minimized, if yes, where it is minimized for the given cost function.

Solution Summary: The author identifies the value of q at which average cost is minimized, if yes, for the given cost function. The average costs are given by the slopes of the lines from the origin to the curve.