Suppose That the Total Cost Function, in Dollars, for a Certain

question 82

Multiple Choice

Suppose that the total cost function, in dollars, for a certain commodity is given by , where x is the number of units produced. The average cost is given by for any level of production. Find the level of production where the instantaneous rate of change of the average cost equals zero. Round your answer to two decimal places. ​

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Definitions:

Initial Endowment

The initial allocation of assets, income, or resources that an individual, institution, or country possesses.

Min

The smallest or least possible amount, quantity, value, or degree.

Pareto Optimal Allocation

A distribution of resources in which it is impossible to make any individual better off without making at least one individual worse off.

Endowed

Provided with a large amount of a resource or quality, often referring to financial grants given to institutions or individuals.