If the total cost function for a product is C(x) = 8(x + 5)^3 dollars, where...

If the total cost function for a product is C(x) = 8(x + 5)^3 dollars, where x represents the number of hundreds of units produced, producing how many units will minimize average cost? x = hundred units

Find the minimum average cost per hundred units. $

Expert Solution

milcah answered 2 years ago

A manufacturer of tennis rackets finds that the total cost C(x) (in dollars) of manufacturing x...

A manufacturer of tennis rackets finds that the total cost C(x) (in dollars) of manufacturing x rackets/day is given by C(x) = 900 + 3x + 0.0003x2. Each racket can be sold at a price of p dollars, where p is related to x by the demand equation p = 5 − 0.0002x. If all rackets that are manufactured can be sold, find the daily level of production that will yield a maximum profit for the manufacturer. Hint: The revenue...

A linear cost function is C(x) = 7x + 800. (Assume C is measured in dollars.)...

A linear cost function is C(x) = 7x + 800. (Assume C is measured in dollars.) (a) What are the slope and the C-intercept? slope C-intercept (b) What is the marginal cost MC ? MC = What does the marginal cost mean? If production is increased by this many units, the cost decreases by $1.Each additional unit produced reduces the cost by this much (in dollars). If production is increased by this many units, the cost increases by $1.Each additional unit...

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The following is the cost function of a product given by C(x) = 0.002x^3+6x+7263 -over what...

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The demand function for a particular product is given by D(x)=3x2−7x+110‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾√D(x)=3x2−7x+110 dollars, where x is the...

The demand function for a particular product is given by D(x)=3x2−7x+110‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾√D(x)=3x2−7x+110 dollars, where x is the number of units sold. What is the marginal revenue when 44 items are sold? Round your answer to 2 decimal places. D(x)=3x2−7x+110‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾√t thats a suqare root over the numbers

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Consider a perfectly competitive market where each firm’s total cost function is TC = q^3 –...

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