Please refer to the attached file.
For the given cost function
C(x)=40000+500x+x2 (the function is 40,000 +500x+x^2) find:
a) The cost at the production level 1850
b) The average cost at the production level 1850
c) The marginal cost at the production level 1850
d) The production level that will minimize the average cost
e) The minimal average cost
This solution explains how to calculate the minimum average cost as well as other cost functions.