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Total Cost Assignment | Assignment Help Services

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September 6th, 2019

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.

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(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 [1]), determine how many units of product should be produoed tominimise the average cost? Give reasons for your answer.

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