- #1
Hannelore
- 5
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1. C(x)=2200 + 5x + 0.002x^2 + 0.00013x^3
(a) Find the average cost function and sketch it
(b.) At what production level is the average cost minimized?
My book defines the average cost as c(x)=C(x)/x
And the average cost is minimized when C'(x) = c(x)
I'm supposed to be teaching the class this and the teacher gave me the answers for this problem but I don't know how he got them.
He has the final answer of (a) at c(x) = 2200/x + 0.002x + 0.00013x^2
But I have it at c(x) = (2200 + 5x + 0.0002x^2 + 0.00013x^3)/x
I thought that he might have taken the derivative however the numbers aren't right in his answer for that to have happened.
(a) Find the average cost function and sketch it
(b.) At what production level is the average cost minimized?
Homework Equations
My book defines the average cost as c(x)=C(x)/x
And the average cost is minimized when C'(x) = c(x)
The Attempt at a Solution
I'm supposed to be teaching the class this and the teacher gave me the answers for this problem but I don't know how he got them.
He has the final answer of (a) at c(x) = 2200/x + 0.002x + 0.00013x^2
But I have it at c(x) = (2200 + 5x + 0.0002x^2 + 0.00013x^3)/x
I thought that he might have taken the derivative however the numbers aren't right in his answer for that to have happened.