Suppose the Total Cost Function for Manufacturing a Certain Product

question 163

Short Answer

Suppose the total cost function for manufacturing a certain product is dollars, where x represents the number of units produced. Find the level of production that will minimize the average cost. Round the answer to the nearest integer.
__________ units

---

Definitions:

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing to purchase at a given price.

Demand Curve

A chart that illustrates how the quantity of a product demanded is related to its price.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity supplied.

Quantity Supplied

Refers to the amount of a certain good or service that producers are willing and able to sell at a given price.