Step 1 :Define the symbols for the radius \(r\).
Step 2 :Define the cost function \(C = 20\pi r^2 + \frac{320}{r}\).
Step 3 :Compute the derivative of the cost function \(C'(r) = 40\pi r - \frac{320}{r^2}\).
Step 4 :Solve the equation \(C'(r) = 0\) to find the value of \(r\). The solutions are \(r = \frac{2}{\pi^{1/3}}\), \(r = -\frac{1}{\pi^{1/3}} - \frac{\sqrt{3}i}{\pi^{1/3}}\), and \(r = -\frac{1}{\pi^{1/3}} + \frac{\sqrt{3}i}{\pi^{1/3}}\).
Step 5 :Since the radius of a cylinder cannot be a complex number, we discard the complex solutions and keep only the real solution \(r = \frac{2}{\pi^{1/3}}\).
Step 6 :Compute the height for the solution of \(r\), \(h = \frac{20}{\pi r^2} = \frac{5}{\pi^{1/3}}\).
Step 7 :Final Answer: The radius and height of the most economical can are approximately \(\boxed{\frac{2}{\pi^{1/3}}}\) meters and \(\boxed{\frac{5}{\pi^{1/3}}}\) meters, respectively.