) If the average cost function for a company is given by C(x) = 0.2x + 20x −1 + 75, nd what level of production produces the low
est average cost. Additionally, nd the original cost function C(x).
1 answer:
Answer:
The correct answer is 10 for lowest average cost and the cost function is 0.2 + 75x + 20.
Step-by-step explanation:
Average cost function is given by = = C(x) = 0.2x + +75.
For minimizing we need to find C(x) = 0.
⇒ C(x) = 0.2 - .
⇒ = 0.2
⇒ = 100.
⇒ x = ±10
⇒ x = 10 ; cost cannot be negative.
Second order derivative is positive which implies the average cost minimizes.
Original cost function is given by C(x) × x = 0.2 + 75x + 20.
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