A Company Has Cost Function $C ( x ) = 1000 + 20 x + x ^ { 2 }$

question 138

Essay

A company has cost function $C ( x ) = 1000 + 20 x + x ^ { 2 }$ . Find:
(a) The average cost function.(b) The marginal cost function.(c) The production level x that will minimize the average cost.(d) The minimum average cost.

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Definitions:

Historical Generalizations

Broad statements derived from studying patterns and trends in history, often used to explain or predict social, political, or economic phenomena.

Statistical Data

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Abstract Theories

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Positive Economic Statement

An objective statement that can be tested or validated through data, as opposed to a normative statement which is subjective and opinion-based.