Student's Solution and Survival Manual for Calculus
7th Edition
ISBN: 9781524934040
Author: STRAUSS MONTY J, TODA MAGDALENA DANIELE, SMITH KARL J
Publisher: Kendall Hunt Publishing
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Chapter 11.3, Problem 43PS
a.
To determine
To explain:
b.
To determine
To explain: Whether
c.
To determine
To give: Example of complementary commodities.
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Chapter 11 Solutions
Student's Solution and Survival Manual for Calculus
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 - Prob. 48PSCh. 11.2 - Prob. 49PSCh. 11.2 - Prob. 50PSCh. 11.2 - Prob. 51PSCh. 11.2 - Prob. 52PSCh. 11.2 - Prob. 53PSCh. 11.2 - Prob. 54PSCh. 11.2 - Prob. 55PSCh. 11.2 - Prob. 56PSCh. 11.2 - Prob. 57PSCh. 11.2 - Prob. 58PSCh. 11.2 - Prob. 59PSCh. 11.2 - Prob. 60PSCh. 11.3 - Prob. 1PSCh. 11.3 - Prob. 2PSCh. 11.3 - Prob. 3PSCh. 11.3 - Prob. 4PSCh. 11.3 - Prob. 5PSCh. 11.3 - Prob. 6PSCh. 11.3 - Prob. 7PSCh. 11.3 - Prob. 8PSCh. 11.3 - Prob. 9PSCh. 11.3 - Prob. 10PSCh. 11.3 - Prob. 11PSCh. 11.3 - Prob. 12PSCh. 11.3 - Prob. 13PSCh. 11.3 - Prob. 14PSCh. 11.3 - Prob. 15PSCh. 11.3 - Prob. 16PSCh. 11.3 - Prob. 17PSCh. 11.3 - Prob. 18PSCh. 11.3 - Prob. 19PSCh. 11.3 - Prob. 20PSCh. 11.3 - Prob. 21PSCh. 11.3 - Prob. 22PSCh. 11.3 - Prob. 23PSCh. 11.3 - Prob. 24PSCh. 11.3 - Prob. 25PSCh. 11.3 - Prob. 26PSCh. 11.3 - Prob. 27PSCh. 11.3 - Prob. 28PSCh. 11.3 - Prob. 29PSCh. 11.3 - Prob. 30PSCh. 11.3 - Prob. 31PSCh. 11.3 - Prob. 32PSCh. 11.3 - Prob. 33PSCh. 11.3 - Prob. 34PSCh. 11.3 - Prob. 35PSCh. 11.3 - Prob. 36PSCh. 11.3 - 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 - 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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 - 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- 1. 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_forward1. Consider the following four demand functions for money: (1) InM," = a, +a,InY," + a, In R, + a, In P, + u, (2) InM," = ß, + B,lnY, + ß, In R, + ß;, In P, + u,2 where M,", Y,", R, and P, denote, respectively, aggregate nominal money demand, aggregate national income, long-term interest rate, implicit price deflator. These two money demand equations are estimated for the period 1949-1965 and the following estimated equations are obtained: (1) InM," = 3.999 +1.710lnY," – 0.608 In R, – 0.759 In P, R² = 0.942, SSR = 0.080 (0.469) (1.801) (0.416) (2) InM," = 3.999 +1.710lnY, – 0.608 ln R, +0.9519 ln P, (0.651) R² = 0.942, SSR = 0.080 (1.801) (0.416) (0.469) (0.651) (b) In Model (2) test the hypothesis that the price level has no significant effect on real money demand using t and F statistics. Windov Windowrarrow_forwardSelections for (a): a) -2.5 b) -3 c) -1.5 Selections for (b): a) 3.2 b) 5.3 c) 4.5 Selections for (c): a) -1/3 b) -5/6 c) -1/6arrow_forward
- The function is the revenue function for selling widgets and gizmos with demand price functions PriceGizmos = 31 + 0.94QuantityGizmos/100 PriceWidgets = 19 • 0.85QuantityWidgets/150 and, P = (QuanityGizmos, QuantityWidgets) = (762, 401) and P, = (729, 422) QuantityWidgets 306 QuantityGizmos 250 a. Give the 2 functions of one variable through P, obtained by holding each variable constant. (Use the variables QW and QG) OW Revenue(762, QW) - 762 · (19.3462 306 ow (w os 762 250 + QW 150 0.85 OG 401 306 + 401 · (12.3046 – OG 250 Revenue(QG, 401) QG 31 · 0.94 T00 b. Find the partial derivatives of the original function. (Use the variables QW and QG) OG 100 Revenueg(QG, QW) = 29.14 OG 100 306 250 Revenueqw(QG, QW)arrow_forward7. 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_forwardHelp!!!arrow_forward
- suppose that the price p of a product and its demand x are related through the price-demand equation x+400p=8000. Were interested to find all the values of p such that the demand is inelastic. which of the following gives the correct regionarrow_forwardSuppose a firm's cost function is given by C(w1, w2, y) = Kwfw"y where w, and y denote the price of the i-th input and the output level respectively and K, a and b are positive constants with 0 < a < 1. Which one of the following is the conditional input demand function for input 2 ? Select one: O a. Kufw"y 1-a O b. Kw-"y O c. Kaw"w-"y O d. wqw"y 1-a O e. None of the abovearrow_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
- A general hyperbolic demand function has the form q = k (r and k nonzero constants). (a) Obtain a formula for the price elasticity E of demand at unit price p. E = (b) How does E vary with p? O E increases as p increases. O E decreases as p increases. O E is independent of p. (c) What does the answer to part (b) say about the model? If r = 1, the revenue is not affected by the price v If r> 1, the revenue is always elastic , whereas if r< 1, the revenue is always inelasticarrow_forward1. Consider the following four demand functions for money: (1) InM," = a, + a,lnY," +a, In R, + a, In P, + u, (2) InM," = ß, + BlnY, + B, In R, + B; In P, + u,2 where M,", Y,", R, and P, denote, respectively, aggregate nominal money demand, aggregate national income, long-term interest rate, implicit price deflator. These two money demand equations are estimated for the period 1949-1965 and the following estimated equations are obtained: (1) InM," = 3.999 +1.710lnY," – 0.608 ln R, – 0.759 In P, R? = 0.942, SSR = 0.080 (0.469) (2) InM," = 3.999+1.710lnY, – 0.608 ln R, + 0.9519 ln P, R² = 0.942, SSR = 0.080 (0.651) (1.801) (0.416) (0.651) (1.801) (0.416) (0.469) Based on the above information, Wind (a) Explain why the only difference between (1) and (2) is the coefficient of In P?dorarrow_forwardAssume an individual's demand function for a good is given by the following expression: qd (p) = 20 − 2p Where pp represents the price of the good. Suppose the price of the good is currently $4 (p = 4). If the price of the good decreases by 1%, which one of the following statements is true: a.)The individual's total expenditure on the good will decrease b.) The individual's total expenditure on the good will remain unchanged c.) The individual's total expenditure on the good will increasearrow_forward
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