Question: Businesses can buy multiple licenses for a data compression software at a total cost of approximately C(x) = 24x2/3 dollars for x licenses. Find the derivative of this cost function at the following.
(a) x = 8$
Interpret your answer.
- When eight licenses are purchased, the cost to purchase the first license is approximately this amount.
- Each license costs this amount.
- Eight licenses cost this amount.
- When eight licenses are purchased, the cost to purchase one more license is approximately this amount.
- When eight licenses are purchased, the average cost per license is this amount.
(b) x = 64$
Interpret your answer.
- Sixty-four licenses cost this amount.
- When sixty-four licenses are purchased, the cost to purchase the first license is approximately this amount.
- When sixty-four licenses are purchased, the cost to purchase one more license is approximately this amount.
- Each license costs this amount.
- When sixty-four licenses are purchased, the average cost per license is this amount.