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For the cost function C(x)=8000+88x+0007x^3 find:
A) The production level that will minimize the average cost.
B) The minimal average cost.
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For the cost function C(x)=8000+88x+0007x^3 find:
A) The production level that will minimize the average cost.
B) The minimal average cost.
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Verified answer
A. 1534.09
B. 8.29827
unit cost U(x) = 8000/x + 88 + 7x²
U'(x) = -8000/x² + 14x = 0 for a minima
x³ = (8000/14)
x = (8000/14)^(1/3) = 8.29827
note:
▬▬
if 0007x³ is supposed to mean 0.0007x³
A 178.781
B 155.121
if the expression is something else, sweat it !