A factory makes bicycle tires. The cost, C, in dollars and revenuue in dollars, R, are both functions of the number of tires, n. a) Describe what is meant by C'(4) = 8 b) Generate a mathematical equation, using function notation, to model the following statements: for (b) + (c) "The marginal revune for 15 tires sold decreases by $1." c) "The revenue at 3 tires equals the change in cost at 5 tires"
A factory makes bicycle tires. The cost, C, in dollars and revenuue in dollars, R, are both functions of the number of tires, n. a) Describe what is meant by C'(4) = 8 b) Generate a mathematical equation, using function notation, to model the following statements: for (b) + (c) "The marginal revune for 15 tires sold decreases by $1." c) "The revenue at 3 tires equals the change in cost at 5 tires"
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 40P: Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from...
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A factory makes bicycle tires. The cost, C, in dollars and revenuue in dollars, R, are both functions of the number of tires, n.
a) Describe what is meant by C'(4) = 8
b) Generate a mathematical equation, using function notation, to model the following statements: for (b) + (c) "The marginal revune for 15 tires sold decreases by $1."
c) "The revenue at 3 tires equals the change in cost at 5 tires"
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