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.
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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