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The total cost in dollars of producing .1: units of a product is given byC(33) = 328 + 253: — 0.091;? + 0.0001133 and the revenue function for producing 3 amount of the same product is given by 3(3) = IDQI. (a) Determine expressions for the marginal cost, the marginal revenue and the average cost.
(b) Using technology, graph [on the same axes] the marginal cost against 1.- and the average costagainst 1:. Copy your graph into your solutions, clearly marking the point of intersection. (c) Using your graph in ), determine how many units of product should be produoed tominimise the average cost? Give reasons for your answer.