Mth 124 exam 2questions with verified
answers rated A+
marginal cost - correct answer ✔✔ for the cost function, C(x), the value C'(a) is the marginal
cost function which approximates the cost of producing one more item
marginal revenue - correct answer ✔✔ for the revenue function, R(x), the value of R'(x) gives
the approximate revenue from selling one more item after x items have already been sold
marginal profit - correct answer ✔✔ for the profit function π(x), the value of π'(x) gives the
approximate profit from selling one more item after x items have already been sold
π(x)= R(x)-C(x)
π'(x)=R'(x)-C'(x)
average cost of producing the first x items is given by - correct answer ✔✔ (average)C(x)=C(x)/x
price elasticity of demand E - correct answer ✔✔ E=(-(dq)/(dp)) x (p/q)
p=price
q=quantity demanded
the number E tells you if price is increaseed by 1%, the quantity of goods demanded drops by
approximately E%
inelastic - correct answer ✔✔ E<1
answers rated A+
marginal cost - correct answer ✔✔ for the cost function, C(x), the value C'(a) is the marginal
cost function which approximates the cost of producing one more item
marginal revenue - correct answer ✔✔ for the revenue function, R(x), the value of R'(x) gives
the approximate revenue from selling one more item after x items have already been sold
marginal profit - correct answer ✔✔ for the profit function π(x), the value of π'(x) gives the
approximate profit from selling one more item after x items have already been sold
π(x)= R(x)-C(x)
π'(x)=R'(x)-C'(x)
average cost of producing the first x items is given by - correct answer ✔✔ (average)C(x)=C(x)/x
price elasticity of demand E - correct answer ✔✔ E=(-(dq)/(dp)) x (p/q)
p=price
q=quantity demanded
the number E tells you if price is increaseed by 1%, the quantity of goods demanded drops by
approximately E%
inelastic - correct answer ✔✔ E<1
