Minimizing Average Cost Quiz

Minimizing Average Cost Quiz

Assessment

Interactive Video

Mathematics

9th - 10th Grade

Hard

Created by

Nancy Jackson

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating average cost?

Total cost divided by the number of items produced

Total revenue divided by the number of items produced

Total cost multiplied by the number of items produced

Total revenue multiplied by the number of items produced

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the derivative of the average cost function in this example?

56x - 8

8x - 56

56x + 8

8x + 56

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do you find the production level that minimizes the average cost?

Set the second derivative of the average cost function equal to zero

Set the average cost function equal to zero

Set the cost function equal to zero

Set the derivative of the average cost function equal to zero

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a positive second derivative indicate about the average cost function?

The function is constant, indicating no change

The function is linear, indicating no extremum

The function is concave up, indicating a minimum

The function is concave down, indicating a maximum

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why might the minimum production level seem significant?

It could represent a significant number of items depending on the context

It always represents a large number of items

It is irrelevant to the cost function

It is always a small number of items

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