#### Question

Consider the following cost function which is given by C(x) = 500+0.02x, $0 \leq x \leq 2000$, a=1000. Find the average cost and marginal cost functions.

#### Solutions

VerifiedSolution A

Solution B

#### Step 1

1 of 3The average cost is:

$\begin{align*} \bar{C}(x)&=\dfrac{C(x)}{x}\\ &=\dfrac{500+0.02x}{x}\\ &=\boxed{\dfrac{500}{x}+0.02}\\ \end{align*}$

#### Step 1

1 of 3The goal of this exercise is to find average and marginal costs based on the given cost of producing $x$ items.

For this problem, we will use the following formulas:

- average cost:

$\overline{C}(x)=\dfrac{C(x)}{x}$

- marginal cost

$C'(x)$

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