Differentiate the equation to get C'(x).
Then find the point where C'(x) = 0 and this will be the minimum average cost.
"Sweet Harmony crafts has determined that when x hundred dulcimers are built, the average cost per dulcimer can be estimated by:
,
where C(x) is in hundreds of dollars. What is the minimum average cost per dulcimer and how many dulcimers should be built in order to achieve that minimum?"
Just need some guidance on how to interpret this; what I should be doing to find out the answers to the questions in bold. Thanks!
No. C'(x) isn't the same as C(x). C'(x) is the derivative of the function C(x), where C'(x) is the formula for the change in y over the change in x, which is the gradient/slope of C(x) at a given point.
Since you haven't learnt this yet, use Gusbob's method to find the minimum point.