7. The function describing personal consumption for the US economy from 1929 to 1941 was C(X) = .712X +95.05, where C(X) is the personal consumption expenditure and X is the personal income, both measured in billions of dollars. Find the rate of change in consumption with respect to income. Interpret this result.

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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7. The function describing personal consumption for the US economy from 1929 to 1941
was C(X) = .712X +95.05, where C(X) is the personal consumption expenditure and X is
the personal income, both measured in billions of dollars. Find the rate of change in
consumption with respect to income. Interpret this result.
Transcribed Image Text:7. The function describing personal consumption for the US economy from 1929 to 1941 was C(X) = .712X +95.05, where C(X) is the personal consumption expenditure and X is the personal income, both measured in billions of dollars. Find the rate of change in consumption with respect to income. Interpret this result.
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