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please help solve question 2a) and b) !!! A rescarcher is modelling the evolution of a company's market share in time using the function f(x)=1+MIxRx
please help solve question 2a) and b) !!!
A rescarcher is modelling the evolution of a company's market share in time using the function f(x)=1+MIxRx Here x represents the company's market share in a particular year, and f(x) the market share in the following year (test your undentanding: what would f(f(x)) represent?), The parameters R, M (which depend on the company and its relationship to the market) satisfy M>R1>0. Since x represents a proportion of the market, the domain of f is the interval [0,1]. 1. (a) Solve the equation f(x)=x. (b) Describe in a paragraph what the solution(s) found in part (a) represent, in terms of market shares. 2. (a) What polynomial function approximates f(x) well for small values of x ? Explain your reasoning. (b) In a paragraph, interpret your answer in part (a) in terms of market shares: what does your answer to part (a) tell you about how this model describes companies with small market share? what is the significance of the constant R ? (recall the assumption R>1 ) 3. (a) It may be shown that f(x)=(1+Mx)2n, which is always positive. Describe in a paragraph what the feature f(x)>0 for all x0 implies, in terms of market shares, (b) Why might the feature f(x)>0 for all x0 be unsuitable for modelling certain market situations? Describe your answer in a few sentences. 4. Suppose instead that 0Step by Step Solution
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