Calculus: Special Edition: Chapters 1-5 (w/ WebAssign)
6th Edition
ISBN: 9781524908102
Author: SMITH KARL J, STRAUSS MONTY J, TODA MAGDALENA DANIELE
Publisher: Kendall Hunt Publishing
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Chapter 11.3, Problem 42PS
a.
To determine
To explain:
b.
To determine
To explain: That
c.
To determine
To give: Example of substitutes goods.
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Suppose that the supply and demand sets for a particular market are given byS = { (q,p) | 3p - q = 5 } and D = { (q,p) | 3p + q2 + 2q = 9 } .a. Determine the supply function qS, the demand function qD, and state clearly the domain and range of each.b. Determine the inverse supply function pS, and the inverse demand function pD, and state clearly the domain and range of each
The equilibrium quantity of the given demand and supply functions is
p = 3log (5xp) - 2
p = 2log (xs) + 3
Select one:
O a.
a. 10
о b. 125
О с. 80
O d. 800
O e. None of the above
Consider the following demand function for airline tickets (quantities are in thousands):
Q = 10 -0.1p, + 0.4p, +0.25p, + 0.005Y, where
P = price of an airline ticket
Q = quantity demanded
Py = price of a bus ticket
P, = price of gasoline
Y = consumer income
According to the above equation, airline tickets and bus tickets are substitute
goods.
If, in equilibrium, the cross-price elasticity between airline tickets and gasoline is 0.8; when the price of the gasoline increases by 4%, the quantity demanded of airline tickets increases by
% (enter your
response rounded to two decimal places)
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Chapter 11 Solutions
Calculus: Special Edition: Chapters 1-5 (w/ WebAssign)
Ch. 11.1 - Prob. 1PSCh. 11.1 - Prob. 2PSCh. 11.1 - Prob. 3PSCh. 11.1 - Prob. 4PSCh. 11.1 - Prob. 5PSCh. 11.1 - Prob. 6PSCh. 11.1 - Prob. 7PSCh. 11.1 - Prob. 8PSCh. 11.1 - Prob. 9PSCh. 11.1 - Prob. 10PS
Ch. 11.1 - Prob. 11PSCh. 11.1 - Prob. 12PSCh. 11.1 - Prob. 13PSCh. 11.1 - Prob. 14PSCh. 11.1 - Prob. 15PSCh. 11.1 - Prob. 16PSCh. 11.1 - Prob. 17PSCh. 11.1 - Prob. 18PSCh. 11.1 - Prob. 19PSCh. 11.1 - Prob. 20PSCh. 11.1 - Prob. 21PSCh. 11.1 - Prob. 22PSCh. 11.1 - Prob. 23PSCh. 11.1 - Prob. 24PSCh. 11.1 - Prob. 25PSCh. 11.1 - Prob. 26PSCh. 11.1 - Prob. 27PSCh. 11.1 - Prob. 28PSCh. 11.1 - Prob. 29PSCh. 11.1 - Prob. 30PSCh. 11.1 - Prob. 31PSCh. 11.1 - Prob. 32PSCh. 11.1 - Prob. 33PSCh. 11.1 - Prob. 34PSCh. 11.1 - Prob. 35PSCh. 11.1 - Prob. 36PSCh. 11.1 - Prob. 37PSCh. 11.1 - Prob. 38PSCh. 11.1 - Prob. 39PSCh. 11.1 - Prob. 40PSCh. 11.1 - Prob. 41PSCh. 11.1 - Prob. 42PSCh. 11.1 - Prob. 43PSCh. 11.1 - Prob. 44PSCh. 11.1 - Prob. 45PSCh. 11.1 - Prob. 46PSCh. 11.1 - Prob. 47PSCh. 11.1 - Prob. 48PSCh. 11.1 - Prob. 49PSCh. 11.1 - Prob. 50PSCh. 11.1 - Prob. 51PSCh. 11.1 - Prob. 52PSCh. 11.1 - Prob. 53PSCh. 11.1 - Prob. 54PSCh. 11.1 - Prob. 55PSCh. 11.1 - Prob. 56PSCh. 11.1 - Prob. 57PSCh. 11.1 - Prob. 58PSCh. 11.1 - Prob. 59PSCh. 11.1 - Prob. 60PSCh. 11.2 - Prob. 1PSCh. 11.2 - Prob. 2PSCh. 11.2 - Prob. 3PSCh. 11.2 - Prob. 4PSCh. 11.2 - Prob. 5PSCh. 11.2 - Prob. 6PSCh. 11.2 - Prob. 7PSCh. 11.2 - Prob. 8PSCh. 11.2 - Prob. 9PSCh. 11.2 - Prob. 10PSCh. 11.2 - Prob. 11PSCh. 11.2 - Prob. 12PSCh. 11.2 - Prob. 13PSCh. 11.2 - Prob. 14PSCh. 11.2 - Prob. 15PSCh. 11.2 - Prob. 16PSCh. 11.2 - Prob. 17PSCh. 11.2 - Prob. 18PSCh. 11.2 - Prob. 19PSCh. 11.2 - Prob. 20PSCh. 11.2 - Prob. 21PSCh. 11.2 - Prob. 22PSCh. 11.2 - Prob. 23PSCh. 11.2 - Prob. 24PSCh. 11.2 - Prob. 25PSCh. 11.2 - Prob. 26PSCh. 11.2 - Prob. 27PSCh. 11.2 - Prob. 28PSCh. 11.2 - Prob. 29PSCh. 11.2 - Prob. 30PSCh. 11.2 - Prob. 31PSCh. 11.2 - Prob. 32PSCh. 11.2 - Prob. 33PSCh. 11.2 - Prob. 34PSCh. 11.2 - Prob. 35PSCh. 11.2 - Prob. 36PSCh. 11.2 - Prob. 37PSCh. 11.2 - Prob. 38PSCh. 11.2 - Prob. 39PSCh. 11.2 - Prob. 40PSCh. 11.2 - Prob. 41PSCh. 11.2 - Prob. 42PSCh. 11.2 - Prob. 43PSCh. 11.2 - Prob. 44PSCh. 11.2 - Prob. 45PSCh. 11.2 - Prob. 46PSCh. 11.2 - Prob. 47PSCh. 11.2 - 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Prob. 37PSCh. 11.3 - Prob. 38PSCh. 11.3 - Prob. 39PSCh. 11.3 - Prob. 40PSCh. 11.3 - Prob. 41PSCh. 11.3 - Prob. 42PSCh. 11.3 - Prob. 43PSCh. 11.3 - Prob. 44PSCh. 11.3 - Prob. 45PSCh. 11.3 - Prob. 46PSCh. 11.3 - Prob. 47PSCh. 11.3 - Prob. 48PSCh. 11.3 - Prob. 49PSCh. 11.3 - Prob. 50PSCh. 11.3 - Prob. 51PSCh. 11.3 - Prob. 52PSCh. 11.3 - Prob. 53PSCh. 11.3 - Prob. 54PSCh. 11.3 - Prob. 55PSCh. 11.3 - Prob. 56PSCh. 11.3 - Prob. 57PSCh. 11.3 - Prob. 58PSCh. 11.3 - Prob. 59PSCh. 11.3 - Prob. 60PSCh. 11.4 - Prob. 1PSCh. 11.4 - Prob. 2PSCh. 11.4 - Prob. 3PSCh. 11.4 - Prob. 4PSCh. 11.4 - Prob. 5PSCh. 11.4 - Prob. 6PSCh. 11.4 - Prob. 7PSCh. 11.4 - Prob. 8PSCh. 11.4 - Prob. 9PSCh. 11.4 - Prob. 10PSCh. 11.4 - Prob. 11PSCh. 11.4 - Prob. 12PSCh. 11.4 - Prob. 13PSCh. 11.4 - Prob. 14PSCh. 11.4 - Prob. 15PSCh. 11.4 - Prob. 16PSCh. 11.4 - Prob. 17PSCh. 11.4 - Prob. 18PSCh. 11.4 - Prob. 19PSCh. 11.4 - Prob. 20PSCh. 11.4 - Prob. 21PSCh. 11.4 - Prob. 22PSCh. 11.4 - Prob. 23PSCh. 11.4 - Prob. 24PSCh. 11.4 - Prob. 25PSCh. 11.4 - Prob. 26PSCh. 11.4 - Prob. 27PSCh. 11.4 - Prob. 28PSCh. 11.4 - Prob. 29PSCh. 11.4 - Prob. 30PSCh. 11.4 - Prob. 31PSCh. 11.4 - Prob. 32PSCh. 11.4 - Prob. 33PSCh. 11.4 - Prob. 34PSCh. 11.4 - Prob. 35PSCh. 11.4 - Prob. 36PSCh. 11.4 - Prob. 37PSCh. 11.4 - Prob. 38PSCh. 11.4 - Prob. 39PSCh. 11.4 - Prob. 40PSCh. 11.4 - Prob. 41PSCh. 11.4 - Prob. 42PSCh. 11.4 - Prob. 43PSCh. 11.4 - Prob. 44PSCh. 11.4 - Prob. 45PSCh. 11.4 - Prob. 46PSCh. 11.4 - Prob. 47PSCh. 11.4 - Prob. 48PSCh. 11.4 - Prob. 49PSCh. 11.4 - Prob. 50PSCh. 11.4 - Prob. 51PSCh. 11.4 - Prob. 52PSCh. 11.4 - Prob. 53PSCh. 11.4 - Prob. 54PSCh. 11.4 - Prob. 55PSCh. 11.4 - Prob. 56PSCh. 11.4 - Prob. 57PSCh. 11.4 - Prob. 58PSCh. 11.4 - Prob. 59PSCh. 11.4 - Prob. 60PSCh. 11.5 - Prob. 1PSCh. 11.5 - Prob. 2PSCh. 11.5 - Prob. 3PSCh. 11.5 - Prob. 4PSCh. 11.5 - Prob. 5PSCh. 11.5 - Prob. 6PSCh. 11.5 - Prob. 7PSCh. 11.5 - Prob. 8PSCh. 11.5 - Prob. 9PSCh. 11.5 - Prob. 10PSCh. 11.5 - Prob. 11PSCh. 11.5 - Prob. 12PSCh. 11.5 - Prob. 13PSCh. 11.5 - Prob. 14PSCh. 11.5 - Prob. 15PSCh. 11.5 - Prob. 16PSCh. 11.5 - Prob. 17PSCh. 11.5 - Prob. 18PSCh. 11.5 - Prob. 19PSCh. 11.5 - Prob. 20PSCh. 11.5 - Prob. 21PSCh. 11.5 - Prob. 22PSCh. 11.5 - Prob. 23PSCh. 11.5 - Prob. 24PSCh. 11.5 - Prob. 25PSCh. 11.5 - Prob. 26PSCh. 11.5 - Prob. 27PSCh. 11.5 - Prob. 28PSCh. 11.5 - Prob. 29PSCh. 11.5 - Prob. 30PSCh. 11.5 - Prob. 31PSCh. 11.5 - Prob. 32PSCh. 11.5 - Prob. 33PSCh. 11.5 - Prob. 34PSCh. 11.5 - Prob. 35PSCh. 11.5 - Prob. 36PSCh. 11.5 - Prob. 37PSCh. 11.5 - Prob. 38PSCh. 11.5 - Prob. 39PSCh. 11.5 - Prob. 40PSCh. 11.5 - Prob. 41PSCh. 11.5 - Prob. 42PSCh. 11.5 - Prob. 43PSCh. 11.5 - Prob. 44PSCh. 11.5 - Prob. 45PSCh. 11.5 - Prob. 46PSCh. 11.5 - Prob. 47PSCh. 11.5 - Prob. 48PSCh. 11.5 - Prob. 49PSCh. 11.5 - Prob. 50PSCh. 11.5 - Prob. 51PSCh. 11.5 - Prob. 52PSCh. 11.5 - Prob. 53PSCh. 11.5 - Prob. 54PSCh. 11.5 - Prob. 55PSCh. 11.5 - Prob. 56PSCh. 11.5 - Prob. 57PSCh. 11.5 - Prob. 58PSCh. 11.5 - Prob. 59PSCh. 11.5 - Prob. 60PSCh. 11.6 - Prob. 1PSCh. 11.6 - Prob. 2PSCh. 11.6 - Prob. 3PSCh. 11.6 - Prob. 4PSCh. 11.6 - Prob. 5PSCh. 11.6 - Prob. 6PSCh. 11.6 - Prob. 7PSCh. 11.6 - Prob. 8PSCh. 11.6 - Prob. 9PSCh. 11.6 - Prob. 10PSCh. 11.6 - Prob. 11PSCh. 11.6 - Prob. 12PSCh. 11.6 - Prob. 13PSCh. 11.6 - Prob. 14PSCh. 11.6 - Prob. 15PSCh. 11.6 - Prob. 16PSCh. 11.6 - Prob. 17PSCh. 11.6 - Prob. 18PSCh. 11.6 - Prob. 19PSCh. 11.6 - Prob. 20PSCh. 11.6 - Prob. 21PSCh. 11.6 - Prob. 22PSCh. 11.6 - Prob. 23PSCh. 11.6 - Prob. 24PSCh. 11.6 - Prob. 25PSCh. 11.6 - Prob. 26PSCh. 11.6 - Prob. 27PSCh. 11.6 - Prob. 28PSCh. 11.6 - Prob. 29PSCh. 11.6 - Prob. 30PSCh. 11.6 - Prob. 31PSCh. 11.6 - Prob. 32PSCh. 11.6 - Prob. 33PSCh. 11.6 - Prob. 34PSCh. 11.6 - Prob. 35PSCh. 11.6 - Prob. 36PSCh. 11.6 - Prob. 37PSCh. 11.6 - Prob. 38PSCh. 11.6 - Prob. 39PSCh. 11.6 - Prob. 40PSCh. 11.6 - Prob. 41PSCh. 11.6 - Prob. 42PSCh. 11.6 - Prob. 43PSCh. 11.6 - Prob. 44PSCh. 11.6 - Prob. 45PSCh. 11.6 - Prob. 46PSCh. 11.6 - Prob. 47PSCh. 11.6 - Prob. 48PSCh. 11.6 - Prob. 49PSCh. 11.6 - Prob. 50PSCh. 11.6 - Prob. 51PSCh. 11.6 - Prob. 52PSCh. 11.6 - Prob. 53PSCh. 11.6 - Prob. 54PSCh. 11.6 - Prob. 55PSCh. 11.6 - Prob. 56PSCh. 11.6 - Prob. 57PSCh. 11.6 - Prob. 58PSCh. 11.6 - Prob. 59PSCh. 11.6 - Prob. 60PSCh. 11.7 - Prob. 1PSCh. 11.7 - Prob. 2PSCh. 11.7 - Prob. 3PSCh. 11.7 - Prob. 4PSCh. 11.7 - Prob. 5PSCh. 11.7 - Prob. 6PSCh. 11.7 - Prob. 7PSCh. 11.7 - Prob. 8PSCh. 11.7 - Prob. 9PSCh. 11.7 - Prob. 10PSCh. 11.7 - Prob. 11PSCh. 11.7 - Prob. 12PSCh. 11.7 - Prob. 13PSCh. 11.7 - Prob. 14PSCh. 11.7 - Prob. 15PSCh. 11.7 - Prob. 16PSCh. 11.7 - Prob. 17PSCh. 11.7 - Prob. 18PSCh. 11.7 - Prob. 19PSCh. 11.7 - Prob. 20PSCh. 11.7 - Prob. 21PSCh. 11.7 - Prob. 22PSCh. 11.7 - Prob. 23PSCh. 11.7 - Prob. 24PSCh. 11.7 - Prob. 25PSCh. 11.7 - Prob. 26PSCh. 11.7 - Prob. 27PSCh. 11.7 - Prob. 28PSCh. 11.7 - Prob. 29PSCh. 11.7 - Prob. 30PSCh. 11.7 - Prob. 31PSCh. 11.7 - Prob. 32PSCh. 11.7 - Prob. 33PSCh. 11.7 - Prob. 34PSCh. 11.7 - Prob. 35PSCh. 11.7 - Prob. 36PSCh. 11.7 - Prob. 37PSCh. 11.7 - Prob. 38PSCh. 11.7 - Prob. 39PSCh. 11.7 - Prob. 40PSCh. 11.7 - Prob. 41PSCh. 11.7 - Prob. 42PSCh. 11.7 - Prob. 43PSCh. 11.7 - Prob. 44PSCh. 11.7 - Prob. 45PSCh. 11.7 - Prob. 46PSCh. 11.7 - Prob. 47PSCh. 11.7 - Prob. 48PSCh. 11.7 - Prob. 49PSCh. 11.7 - Prob. 50PSCh. 11.7 - Prob. 51PSCh. 11.7 - Prob. 52PSCh. 11.7 - Prob. 53PSCh. 11.7 - Prob. 54PSCh. 11.7 - Prob. 55PSCh. 11.7 - Prob. 56PSCh. 11.7 - Prob. 57PSCh. 11.7 - Prob. 58PSCh. 11.7 - Prob. 59PSCh. 11.7 - Prob. 60PSCh. 11.8 - Prob. 1PSCh. 11.8 - Prob. 2PSCh. 11.8 - Prob. 3PSCh. 11.8 - Prob. 4PSCh. 11.8 - Prob. 5PSCh. 11.8 - Prob. 6PSCh. 11.8 - Prob. 7PSCh. 11.8 - Prob. 8PSCh. 11.8 - Prob. 9PSCh. 11.8 - Prob. 10PSCh. 11.8 - Prob. 11PSCh. 11.8 - Prob. 12PSCh. 11.8 - Prob. 13PSCh. 11.8 - Prob. 14PSCh. 11.8 - Prob. 15PSCh. 11.8 - Prob. 16PSCh. 11.8 - Prob. 17PSCh. 11.8 - Prob. 18PSCh. 11.8 - Prob. 19PSCh. 11.8 - Prob. 20PSCh. 11.8 - Prob. 21PSCh. 11.8 - Prob. 22PSCh. 11.8 - Prob. 23PSCh. 11.8 - Prob. 24PSCh. 11.8 - Prob. 25PSCh. 11.8 - Prob. 26PSCh. 11.8 - Prob. 27PSCh. 11.8 - Prob. 28PSCh. 11.8 - Prob. 29PSCh. 11.8 - Prob. 30PSCh. 11.8 - Prob. 31PSCh. 11.8 - Prob. 32PSCh. 11.8 - Prob. 33PSCh. 11.8 - Prob. 34PSCh. 11.8 - Prob. 35PSCh. 11.8 - Prob. 36PSCh. 11.8 - Prob. 37PSCh. 11.8 - Prob. 38PSCh. 11.8 - Prob. 39PSCh. 11.8 - Prob. 40PSCh. 11.8 - Prob. 41PSCh. 11.8 - Prob. 42PSCh. 11.8 - Prob. 43PSCh. 11.8 - Prob. 44PSCh. 11.8 - Prob. 45PSCh. 11.8 - Prob. 46PSCh. 11.8 - Prob. 47PSCh. 11.8 - Prob. 48PSCh. 11.8 - Prob. 49PSCh. 11.8 - Prob. 50PSCh. 11.8 - Prob. 51PSCh. 11.8 - Prob. 52PSCh. 11.8 - Prob. 53PSCh. 11.8 - Prob. 54PSCh. 11.8 - Prob. 55PSCh. 11.8 - Prob. 56PSCh. 11.8 - Prob. 57PSCh. 11.8 - Prob. 58PSCh. 11.8 - Prob. 59PSCh. 11.8 - Prob. 60PSCh. 11 - Prob. 1PECh. 11 - Prob. 2PECh. 11 - Prob. 3PECh. 11 - Prob. 4PECh. 11 - Prob. 5PECh. 11 - Prob. 6PECh. 11 - Prob. 7PECh. 11 - Prob. 8PECh. 11 - Prob. 9PECh. 11 - Prob. 10PECh. 11 - Prob. 11PECh. 11 - Prob. 12PECh. 11 - Prob. 13PECh. 11 - Prob. 14PECh. 11 - Prob. 15PECh. 11 - Prob. 16PECh. 11 - Prob. 17PECh. 11 - Prob. 18PECh. 11 - 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- 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.arrow_forwardQ4arrow_forwardConsider the following demand function for airline tickets (quantities are in thousands): Q = 10-0.1px + 0.4py +0.25p₂ +0.005Y, where Py = price of a bus ticket Pz price of gasoline Y = consumer income Px = price of an airline ticket Q = quantity demanded According to the above equation, airline tickets and bus tickets are goods.arrow_forward
- 7. The total cost to produce 100 units of a certain commodity in a certain firm amounts to € 2800. Producing 500 units leads to a production cost of € 6000. Assume that the total production cost c (in €) is a linear function of the number q of units produced. a. Give the equation of the production cost function. The inverse demand function is given by p = 1000 - 1.25q, where p denotes the price of one unit of the product. b. Find the demand function. c. Express the total production cost c in terms of the price p. Let P denote the profit (in €). d. Show that the profit P is given by P = −1.25q² +992q - 2000. e. Find the production levels for which the firm makes a profit between € 50 000 and € 150 000. Round your answer to two decimals.arrow_forwardAt what value will l Shere be maximum revenus a if the demand equation s preduet is of for manufacturer's 24-9 24 2.arrow_forwardA monopoly faces the following demand: There are 10 potential buyers, each buyer will buy at most one unit of the good. 2 buyers will buy if the price is not higher than $20, 3 buyers will buy if the price is not higher than $15, and the remaining 5 buyers will buy if the price is not higher than $9. The monopoly has a fixed cost ofF = $30, and a constant marginal cost of $5. The monopoly s profit maximizing price is and the deadweight loss is O $9, $0 O $15, $25 O $20, $20 O $15, $20 O Cannot be computed from the data.arrow_forward
- Let x-f(p.a) be the demand function for shoes and y=g(p.q) be the demand function for socks, where p is the price for 1 unit of shoes and q is the price for 1 unit of socks. The demand functions for the two products are given such that the demand for either depends on the price for both. If a decrease in demand for one product results in an increase in demand for another product, the two products are said to be competitive, or substitute, products. If a decrease in demand for one product results in a decrease in demand for another product, the two products are complementary products. Partial derivatives can be used to test whether two products are competitive, complementary, or neither. Use the test given in the table to the right to determine the relationship between shoes and socks. x-f(p.a)-900-0.006p² -0.004² y-g(p.q)-400-0.008p² -0.003² example Test for Competitive and Complementary Products Partial Derivatives (P.q)>0 and (p.a)>0 (p.q)<0 and Products A and B AUX Competitive…arrow_forward1. Firm 1 and Firm 2 are two producers of widgets. Each firm produces its own widget type at a constant unit cost c, = £15 and c, = £30, for Firm 1 and Firm 2 respectively. The market prices for the two goods are determined by the inverse demand functions: p,(4,4,)=200-2q,-q, P,(4,4,)=200-q,-2q, where q,and q, are quantities of the two varieties produced by Firm 1 and 2, respectively. Firms compete on quantity and can choose any quantity level. (a) Define the best reply functions of the firms; (b) Find the quantities produced in equilibrium and prices at which the goods are sold;arrow_forwardAggregate Demand (AD) is defined as C + I + G + (X-M). X refers to Select one: Oa. Y factor O b. X factor O c. export expenditure O d. exchange Economic growth is shown in the AS-AD model as a Select one: O a tightward shift in the short run AS curve. O b. rightward shift in the AD curve. O c. rightward shift in the long run AS curve. O d. leftward shift in the short run AS curve.arrow_forward
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Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:9781133382119
Author:Swokowski
Publisher:Cengage
Finding Local Maxima and Minima by Differentiation; Author: Professor Dave Explains;https://www.youtube.com/watch?v=pvLj1s7SOtk;License: Standard YouTube License, CC-BY