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 with 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(x) = 10x10√x-8. 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 with 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(x) = 10x10√x-8. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is Number
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.1P
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