Cost Function Minimization Strategy

00:00 4 marks

A company manufactures a product where the cost, $C(x)$, in dollars, is modeled by $C(x) = 0.5x^2 – 40x + 1000$, where $x$ is the number of units produced. Find the value of $x$ that minimizes the cost and calculate the minimum cost.

Hint Hint

Hint

Differentiate the cost function, set the derivative equal to zero, and solve for $x$.

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Complete Answer

The cost is minimized when $x = 40$ units, and the minimum cost is $\$200$.

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Cost Function Minimization Strategy

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Cost Function Minimization Strategy

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