Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help understanding these two questions. Some years ago it was estimated that the demand for steel approximately satised the equation p = 351 -

image text in transcribedimage text in transcribed

need help understanding these two questions.

image text in transcribedimage text in transcribed
Some years ago it was estimated that the demand for steel approximately satised the equation p = 351 - 30K. and the total cost of producing x units of steel was ct!) = 200 + 51):. {The quantity 1:: was measured in milions of tons and the price and total cost were measured in millions of dollars.) Determine the level of production and the corresponding price that maximize the prots The maximum prot occurs at x = (million tons). The median weight of a boy whose age is between 0 and 36 months can be approximated by the function w(t) = 9.58 + 1.46t - 0.001 1t~ + 0.000427+3, where t is measured in months and w is measured in pounds. Use this approximation to find the following for a boy with median weight in parts a) and b) below. . . . . . a) The weight of the baby at age 7 months. The approximate weight of the baby at age 7 months is Ibs. (Round to two decimal places as needed.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introductory Econometrics A Modern Approach

Authors: Jeffrey Wooldridge

7th Edition

1337558869, 978-1337558860

More Books

Students also viewed these Economics questions