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Application of differential calculus in economics: Profit, Cost and Revenue function.
The total cost C(q) = of production goods as given by,
C(q) = 0.01q3 - 0.6q2 + 13q
(a) What is the fixed cost?
(b) What is the maximum profit if each item is sold for $7? (Assume you sell every thing you produce.)
(c) Suppose exactly 34 goods are produced. They all sell when the price is $7 each, but for each $1 increase in price, 2 fewer goods are sold. Should the price be raised, and if so by how much?
he guesses that the standard deviation of the population of weight loss is about 12 pounds. How large a sample should he take to estimate the mean weight loss to within 4 pounds, with 95% confidence?
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a ball is thrown straight upward from the ground and attains a height of s(t)=-16t^2+128t+ 4 ft. above the ground after t seconds. When does the ball reach the maximum height and what is the maximum height?
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A firm has two fixed resources that impose limits on its production activities. For a particular period of time it has 30 hours of resource 1 available and 80 hours of resource 2.
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