Dynamic profit function is P(t)= 2 - (t - 5) x ln (t + 1), here t is measured in years, and P is measured in hundreds of euros. a) use marginal analysis to estimate how fast company's profit was growing initially b) use Taylor formula to write down square approximation of the given profit function around t=2. Round coefficient of the Taylor polynomial to 3 decimals c) use results from step b) to estimate total company's profits between first and fourth years of operation d) estimate average company's profit between first and fourth years of operation e) use initial function to estimate total company's profits between first and fourth years of operation. Compare results with step c) the question is not graded, as the exam was yesterday, I want to check my answer
Dynamic profit function is P(t)= 2 - (t - 5) x ln (t + 1), here t is measured in years, and P is measured in hundreds of euros.
a) use marginal analysis to estimate how fast company's profit was growing initially
b) use Taylor formula to write down square approximation of the given profit function around t=2. Round coefficient of the Taylor polynomial to 3 decimals
c) use results from step b) to estimate total company's profits between first and fourth years of operation
d) estimate average company's profit between first and fourth years of operation
e) use initial function to estimate total company's profits between first and fourth years of operation. Compare results with step c)
the question is not graded, as the exam was yesterday, I want to check my answers
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