Hello there! Can I get some with this Economics homework? Thanks! Please show your work and add details.
1 answer:
Answer:
see below
Step-by-step explanation:
Equilibrium quantity means the quantity supplied at a given price is equal to the quantity demanded at that price. To find it, look for the line in the table where quantities are equal. That line tells you the equilibrium price as well as quantity.
- quantity: 150
- price: $32
_____
On a graph, it is the point where supply and demand curves intersect (quantities are the same at the corresponding price).
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Answer:
Below, you can see the graph of the function:
f(x) = x + cos(k*x)
for different values of k, as follows:
red: k = 1
green: k = 2
orange: k = 0.
Now let's find the values of k such that our function does not have local maxima nor local minima.
First, remember that for a given function f(x), the local maxima or minima points are related to the zeros of the first derivate of f(x).
This means that if:
f'(x0) = 0.
Then x0 is a maxima, minima or an inflection point.
Then if a function is such that the f'(x) ≠ 0 , ∀x, then this function will not have local maxima nor minima.
Now we have:
f(x) = x + cos(k*x)
then:
f'(x) = 1 - k*sin(k*x)
This function will be zero when:
1 = k*sin(k*x)
1/k = sin(k*x)
now, remember that -1 ≤ sin(θ) ≤ 1
then if 1/k is smaller than -1, or larger than 1, we will not have zeros.
And this will happen if -1 < k < 1.
