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4th Edition

James Stewart

Publisher: Cengage Learning

ISBN: 9781337687805

Chapter 2.6, Problem 47E

(a)

To determine

The meaning of derivative

Expert Solution

The function

The cost of production is depends on number of ounces of gold produced.

That is, the cost of production is a function of ounces of gold produced.

Note that, the derivative *C* with respect to *x*,

The derivative

The instantaneous rate of change is equal to

Here

Thus, the units are dollars per ounces.

(b)

To determine

The meaning of

Expert Solution

After 800 ounces of gold produced.

The rate at which the production cost is increasing is 17 dollar per ounce.

The cost of producing the 800^{th} ounce is about 17 dollar.

That is, when

(c)

To determine

**To check:** Whether the derivative

Expert Solution

In the short term,

The rate of production cost decreases as the production cost involves more the startup cost for the mass production. Hence, the values of *x* increases.

But, the derivative