MSU MTH 124 Final Exam questions and answers already passed

MSU MTH 124 Final Exam questions
and answers already passed

CHAIN RULE: C(x)=f(g(x)) derivative is: - ANS ✔F'(g(x))•g'(x)



If f'(4)<0, g'(4)<0 and p(x)=f(x)g(x) then it must be true that p'(4)>0 - ANS ✔False



T/F:

Suppose f(x) is a continuous and differentiable function. If x=2 is a critical point of f(x), f'(1.9)<0
and f'(2.1)>0 then x=2 must be a minimum of f(x) - ANS ✔False



T/F:

If q=30 minimizes the cost function, C(q), then q=30 must maximize the profit function pi(q) -
ANS ✔False



T/F:

If R'(135)=55 and C'(135)=60 then the company should decrease production - ANS ✔True



T/F:

If the concavity of a function changes from positive to negative, the function must be increasing
- ANS ✔False



If E>1 - ANS ✔Demand is elastic; lowering he price increases revenue



If E<1 - ANS ✔Demand is inelastic; raising price increases revenue

, If E=1 - ANS ✔Unit elastic; price that results in largest revenue



Price that maximizes revenue - ANS ✔Set E equation equal to 1



For cost function the derivative is - ANS ✔Marginal cost; gives the approximate cost of
producing one more item after x items have already been produced



For a revenue function, the derivative is - ANS ✔Marginal revenue; gives the approximate
revenue from selling one more item after x items have already been sold



For a profit function the derivative is - ANS ✔Marginal profit; gives the approximate profit from
selling one more item after x items have already been sold



Marginal profit - ANS ✔R'(x)-C'(x)



If marginal revenue>marginal cost - ANS ✔Increase production



If marginal revenue<marginal cost - ANS ✔Decrease production



To maximize profit - ANS ✔Marginal revenue=marginal cost



Average cost is given by - ANS ✔C(x)/x



Min or max on first derivative graph is where - ANS ✔second derivative equals 0 or inflection
points



Derivative of a^x - ANS ✔ln(a)a^x