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Concept explainers
Elasticity The price along the West Coast of the United States for Japanese spruce logs (in dollars per cubic meter) based on the demand (in thousands of cubic meters per day) has been approximated by
Source: Kamiak Econometrics.
(a) Find the elasticity when the demand is 11 thousand cubic meters a day. (Hint: To find dq/dp when p is expressed in terms of q, you may use the fact that
Review the explanation of the derivative of the natural logarithm to see why this is true.)
(b) Is the demand for spruce logs elastic or inelastic?
(c) What happens to the elasticity as q approaches 16.6887? Discuss the limitations of this model for the price as a function of the demand.
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Chapter 14 Solutions
Finite Mathematics and Calculus with Applications (10th Edition)
- Question 2 Find the shortest distance between the lines [x, y, z] = [1,0,4] + t[1, 3, −1] and [x, y, z] = [0,2,0] + s[2, 1, 1]. [Do not use derivatives.]arrow_forwardPlease see image for the questions.arrow_forwardUse the following graphs to evaluate the given one-sided limit. Answer exactly. y = f (x): y = g(x): 8 6 ν -8-6-4-2 2- 1-2-2 -4 -6 -8 ° 4 lim (f(x)+g(x)) = x+2+ 8 6 2 ν 0 x x 6 8 -8 -6-4-2 2 6 8 -2 -4 -6 -8arrow_forward
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- Question 3 Starting at the point (0, −2,0), I walk up the hill z = 4-x² — y². The projection of my path on the xy plane is the line y = 2x-2. (a) At what point on my path is my altitude (the z-value) the greatest? (b) What is the slope m of my path (taking the z-axis to be vertical) when I am at the point (1, 0, 3)? [Hint: Parametrize my path (take x to be t).]arrow_forwardI circled the correct, could you explain using stokearrow_forwardUse Euler's method to numerically integrate dy dx -2x+12x² - 20x +8.5 from x=0 to x=4 with a step size of 0.5. The initial condition at x=0 is y=1. Recall that the exact solution is given by y = -0.5x+4x³- 10x² + 8.5x+1arrow_forward
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