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Using Excel Solver to find min cost?

  1. Oct 31, 2009 #1
    1. The problem statement, all variables and given/known data

    The cost production function as output, x, in 000's(where x>1.000) is given by the function
    f(x)= 8x^3 + (352/x^2)-6x +6350

    2. Relevant equations

    USE THE EXCEL SOLVER function o determine the value of x which minimizes the cots. What is the cost at this point? What values of x will cause the cost to double?

    3. The attempt at a solution
    I have found the derivative of this function to be :
    F'(x)= -704/x^3 + 24x^2-6

    How do you solve this sort of function to find the minimum value of x?
    If it was a squared only function, I could use the quadratic formula to find the inflection points, but this one after the first derivative is raised to the power of 3, what is the next step????
     
  2. jcsd
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