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[DOC File]*For profit maximization, a resource should be used until ...
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Calculus *The slope of any local or global maximum or minimum equals what? Zero *Given a function for average cost, how can you determine the average cost per unit? Divide the function by the number of units. *When finding a maximum or minimum, what do the second order conditions tell us? Shape of the curve. Whether it is at a max or a min.
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[DOC File]CHAPTER 7
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Average total cost is equal to average fixed plus average variable cost. When graphed, the difference between the U-shaped total cost and average variable cost curves is the average fixed cost curve. If fixed cost is greater than zero, the minimum of average variable cost must be less than the minimum average total cost. 8.
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[DOC File]Optimization Problems (Calculus Fun)
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9. A manufacturer estimates that when x units of a particular commodity are produced each month, the total cost (in dollars) will be . and all units can be sold at a price of p(x) = 49 - x dollars per unit. Determine the price that corresponds to the maximum profit. 10. For the cost equation in #9, when will the minimum average cost occur? 11.
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[DOC File]Introduction to Microeconomics II OEC 107
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The minimum of this expression can be found by calculus (or by equating Marginal cost and average variable cost since marginal cost intersects at the minimum of the average variable cost). If we equate marginal cost and average variable cost as follows; 3Q2-28Q+69= Q2-14Q+69. And solve for the value of output (Q); 3Q2- Q2-28Q+14Q =69-69. We get ...
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[DOC File]Solutions to Chapter 7 Assignments
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To restrict b, we know that at its minimum, average cost must be positive. The minimum occurs when c + 2dQ = 0. We solve for Q as a function of c and d: . Next, substituting this value for Q into our expression for average cost, and simplifying the equation:, or. implying . Because c2 …
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[DOC File]CHAPTER 7
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To restrict b, we know that at its minimum, average cost must be positive. The minimum occurs when c + 2dQ = 0. We solve for Q as a function of c and d: . Next, substituting this value for Q into our expression for average cost, and simplifying the equation:, or. implying . Because c2 …
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Minimum average cost calculus