#3Can you show me how to do this? For each cost function (given in dollars), find the cost, average cost, and marginal cost at a production level of 1000 units;the production level that will minimize the average cost; and the minimum average cost.C(q) = 11,000 + 340q – 0.3q2 + 0.0001q3(a) the cost, average cost, and marginal cost at a production level of 1000 unitscostaverage cost$marginal cost$4(b) the production level that will minimize the average cost (Round your answer to the nearest integer.)units(c) the minimum average cost (Round your answer to two decimal places.)$4

Answered: For each cost function (given in…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Suppose that the total cost function, in dollars, for the production of x units of a product is given by the equation shown below. C(x) = 4,500 + 30x + 0.2x² Then the average cost of producing x items is represented by the following equation. total cost 4,500 C(x) + 30 + 0.2x (a) Find the instantaneous rate of change of average cost with respect to the number of units produced, at any level of production. (b) Find the level of production at which this rate of change equals zero. X = (c) At the value found in part (b), find the instantaneous rate of change of cost and find the average cost. instantaneous rate of change of cost average cost What do you notice?
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