• July 15th 2013, 11:29 AM
sreeste
if http://www.mathway.com/math_image.as...100?p=158?p=22 is a cost function. Find the average cost function. At what level of production q, is there a minimum average cost?

how do i calculate this? I have got no idea :(
• July 15th 2013, 12:17 PM
HallsofIvy
The "average value" of a continuous function, between x= a and x= b, is given by $\frac{\int_a^b f(t)dt}{b- a}$. To find the average cost, use "x" rather than b as upper bound: $\frac{\int_a^x f(t)dt}{x- a}$. Of course, to find the max or min of a function you set the derivative equal to 0.
• July 17th 2013, 02:15 AM
sreeste