Suppose the consumption function for a particular country is c(x), where x is national disposable income. Then the marginal propensity to consume is c'(x). Suppose x and c are both measured in billions of dollars and c'(x) = 0.9 +0.3√x. If consumption is 10 billion dollars when x=0, find c(x). Sketch c(x).
Suppose the consumption function for a particular country is c(x), where x is national disposable income. Then the marginal propensity to consume is c'(x). Suppose x and c are both measured in billions of dollars and c'(x) = 0.9 +0.3√x. If consumption is 10 billion dollars when x=0, find c(x). Sketch c(x).
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter2: Functions
Section2.4: Average Rate Of Change Of A Function
Problem 4.2E: bThe average rate of change of the linear function f(x)=3x+5 between any two points is ________.
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