The graph of a cost function average cost is minimizedd (6 POINTS) is given in the following figure. Estimate the value of q at which 400 items are produced at an average cost of $100 per item. Find the cost of producing the item if the marginal cost to produce the 401st item is $110 (6 POINTS) x. 401st i. The demand curve for a product is 1500-4p 1) Find the elasticity of demand (to three decimal places) at a price of p-5.(S POINTS dq Hint: E 2) is demand elastic or inelastic at this price? (3 POINTS)