Quantcast

A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

mathcalculus

  • 2 years ago

FIND: The minimal average cost (ATTACHED.)

  • This Question is Closed
  1. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

  2. satellite73
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    minimum is at the vertex compute \(-\frac{b}{2a}\) with \(b=700,a=1\)

  3. satellite73
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    oh, i see you did that. hmmmm

  4. satellite73
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    weird i guess to minimize the cost, produce nothing

  5. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ?

  6. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i understood part d.... it's 280

  7. satellite73
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    you found the vertex correctly, but you can't produce -350 items

  8. satellite73
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    where on earth did the 280 come from?

  9. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    That's the production level that will minimize the average cost

  10. satellite73
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    oh, i guess i have no idea what an average cost is

  11. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    YOu have cost, to find average cost divide that by x. THEN take the derivative, that is marginal average cost. Minimize THAT.

  12. satellite73
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    oooooh!

  13. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i did c(X)/x, differentiated, then set it to zero. and got x=280

  14. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    how @DebbieG

  15. satellite73
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    why is that an "average cost"?

  16. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    The minimal average cost?

  17. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Because C(x) gives the total cost of producing x items. So C(x)/x gives the average cost per item, at the production level x.

  18. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    okaay but let's find part e please.

  19. satellite73
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    learn something new every day

  20. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Sorry - I didn't mean to minimize the derivative... lol... I meant to minimize the average cost. Which you can do by setting the derivative of it =0. :)

  21. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    that's my main concern...

  22. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    So you have average cost: A(x)=78400/x+700+x Take that derivative, set it = 0, and that's where your average cost is minimized.

  23. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i did

  24. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    x=280

  25. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i don't understand

  26. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    OK, you good for e now?

  27. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yes

  28. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Sorry - don't understand what?

  29. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    but it's wrong.

  30. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    d) The production level that will minimize the average cost = 280. which is correct. e) The minimal average cost= ???

  31. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    What did you get?

  32. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Just evaluate the average cost function at x=280

  33. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    so plug x into ?

  34. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    The average cost function: A(x)=78400/x+700+x which is just C(x)/x

  35. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    what did you get? :)

  36. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    right.280!

  37. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    well -78400/x^2+1...

  38. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    then set it to zero right? @DebbieG

  39. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    wha? no.... you found the production level that minimizes average cost already, by setting the derivative of average cost = 0, right? Now you just need to know what that average cost is - what is the average cost at that production level of x=280 So PLUG x=280 INTO the average cost function.

  40. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    oooooooo

  41. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    how about if i want to find the production level that will maximize profit.

  42. mathcalculus
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    @DebbieG

  43. DebbieG
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Then you need the profit function. Then find where it is maximized, by taking its derivative and set it = 0.

  44. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.