The cost function for manufacturing electric drills is...

The cost function for manufacturing electric drills is estimated to be: C(x) = 2x^2 - 6x + 242. Where C(x) is in dollars, and x is drills manufactured per hour. The average cost function is defined by AC = C(x)/x. (a) Find the average cost function. AC = (b) What is the average cost (to the nearest penny) of producing 5 drills per hour? $ per drill . (c) What is the average cost (to the nearest penny) of producing 12 drills per hour? $ per drill (d) Using Excel, find the number of drills per hour that should be produced to minimize average cost. drills per hour (e) What is the minimum average cost to the nearest penny? $ per drill

Transcript

00:01 Okay, and your question, you're given a cost function for manufacturing electric drills.

00:06 That is c of x.

00:09 And c of x would stand a cost, and x would stand for the number of drills manufactured per hour.

00:16 Part a of your question, you're supposed to find the average cost function, which would just be to divide the cost function by x.

00:23 So i'll write that out.

00:25 It should be 2x squared minus 6x plus 242, and we're dividing that by.

00:31 X again you were told that the average cost is going to be taking cost function divided by x okay to simplify that you want to say to x squared over x minus 6x over x plus 242 over x which allows us to simplify this down to an x squared over an x is just going to be 2x the second part the x is would cancel minus 6 plus 242 over x.

01:08 So this represents your answer to part a, your average cost function.

01:14 Now part b, you want to figure out the average cost of five drills per hour.

01:18 So now we have the average cost, we would just plug a 5 in for the x's.

01:24 If you plug a 5 in for the x's and do that calculation, you will end up with 52 .4, you're rounding to the nearest penny, so you'd say $52 .40 per drill.

01:44 Okay, and now we want to do that again for letter c, but we want to put in a 12 this time.

01:52 So if you plug a 12 in there and type that in your calculator, you're going to end up with 38 .16 repeating.

02:03 So rounding that to the nearest cent would be $38 .17 per drill.

02:13 Okay, so there you have your answer for part b.

02:16 And part c.

02:19 Now, part d says how many drills to minimize, and it says to use excel.

02:23 So i'm going to go through the process of using excel, how i would use that.

02:28 So here's a spreadsheet.

02:30 What i first did is i took my first column, i labeled it x, and i put the numbers 0 to 20.

02:37 We may need to go more, but that's just the number of drills that i'm looking to explore at this point.

02:43 Then in the second column i put my average cost function and i'll write this a little clearer but the way you type in a formula is you start with an equal sign and then you basically type in the function you were working with which was 2 x minus 6 plus 242 divided by x but we have to change this x to this number which is in cell a 2 so i put in a2 in that spot.

03:17 Maybe you can see it right there.

03:19 And i put in a2 in this spot for this x...

Question

Please give Ace some feedback