Consider the following cost function. a. Find the average cost and marginal cost functions. b. Determine the average and marginal cost when x = a. c. Interpret the values obtained in part (b). C(x) = 1600 + 0.5x, 0 ? x ? 5000, a = 2700 a. The average cost function is C?(x) = 1600/x + 0.5. The marginal cost function is C'(x) = 0.5. b. The average cost when x = 2700 is $1.09. (Round to two decimal places as needed.) The marginal cost when x = 2700 is $0.5 per item. (Round to two decimal places as needed.) c. The average cost per item is about $ when items are produced. (Round to two decimal places as needed.) The cost of producing the 2701st item is $. (Round to two decimal places as needed.)
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