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The total cost C(x) of a firm is $C(x) = 0.0005x^3 - 0.7x^2 - 30x + 3000$ where x is the output. Determine average cost (AC). |
$AC=0.0005x^2 −0.7x−30+ \frac{3000}{x}$ $AC=0.0005x^3−0.7x^2−30x+3000$ $AC=0.0015x^2−1.4x−30$ $AC=0.0005x^2−0.7x−30$ |
$AC=0.0005x^2 −0.7x−30+ \frac{3000}{x}$ |
The correct answer is Option (1) → $AC=0.0005x^2 −0.7x−30+ \frac{3000}{x}$ Average cost $(AC) = \frac{\text{Total cost}}{\text{Output}}=\frac{C(x)}{x}$ $= 0.0005x^2 -0.7x-30 +\frac{3000}{x}$ |
