  # The cost of producing x ounces of gold from a new gold mine is C − f (x) dollars.(a)  What is the meaning of the derivative f'(x)? What are itsunits?(b)  What does the statement f'(800) = 17 mean?(c)  Do you think the values of f'(x) will increase or decreasein the short term? What about the long term? Explain.

Question
1. The cost of producing x ounces of gold from a new gold mine is C − f (x) dollars.

1. (a)  What is the meaning of the derivative f'(x)? What are its

units?

2. (b)  What does the statement f'(800) = 17 mean?

3. (c)  Do you think the values of f'(x) will increase or decrease

in the short term? What about the long term? Explain.

check_circleExpert Solution
Step 1

To determine the following:

Part 1. a) The meaning of f’(x) and its units.

Part 2. b) The meaning of the statement f’(800) = 17.

Part 3. c) If f’(x) will increase or decrease in short term and long term.

Step 2

Given:

The cost of gold (x ounces) production from a new gold mine is given by the function,

Step 3

Concept Used:

The derivative of the function f(x) with respect to x, that is, f’(x) represents the rate ...

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