Estimate the level of production which minimizes the cost, Econometrics

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Estimate the level of production which minimizes the cost

Suppose the cost, in dollars, of producing x items is C(x) = 100x + 2000/x Determine

(a) the cost of producing 50 items,

(b) the cost of producing the 50th item, the marginal cost when x = 5,

(d) the average cost of producing 50 items,

(e) estimate the level of production which minimizes the cost and estimate the minimum cost.

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Econometrics: Estimate the level of production which minimizes the cost

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Econometrics: Estimate the level of production which minimizes the cost

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