Math Problem Statement
Solution
The given marginal cost function is:
To minimize the marginal cost, we need to find the critical points by taking the derivative of the function and setting it equal to zero.
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Take the derivative of with respect to :
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Set to find the critical points.
Let me calculate this.The critical point is .
Therefore, the company should produce approximately 23 or 24 units to minimize the marginal cost.
Would you like further details or clarification?
Here are 5 related questions you could explore:
- What is the value of the marginal cost at the minimum point?
- How does the second derivative test confirm that this is a minimum?
- What happens to the marginal cost if the company produces more than the optimal number of units?
- How is the behavior of this quadratic cost function related to real-world production costs?
- What does the constant term in the cost function represent?
Tip: When minimizing cost functions, always check the second derivative to confirm whether the critical point is a minimum or maximum.
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Math Problem Analysis
Mathematical Concepts
Calculus
Quadratic Equations
Optimization
Formulas
Derivative of quadratic function
Critical points
Theorems
First derivative test for critical points
Suitable Grade Level
Grades 11-12 or early college calculus
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