What are the two ways of calculating the slope of a curved line?
What will be an ideal response?
To calculate the slope of a curved line we can calculate the slope at a point or across an arc. The slope of a curved line at a point on the line is defined as the slope of the straight line tangent to the curved line at that point. The slope of a curved line across an arc—between two points on the curved line—equals the slope of the straight line between the two points.
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If the producer is at combination B as shown in Table 3-2, the opportunity cost of increasing corn production by 1 unit is
A. 29 units of cotton. B. 5 units of cotton. C. 12 units of cotton. D. 4 units of cotton. E. 1 unit of cotton.
A severe drought has damaged this year's lettuce crop. The initial effect on the lettuce market is a
A) decrease in the demand for lettuce. B) decrease in the supply of lettuce. C) decrease in both the demand and supply of lettuce. D) rightward movement along the demand curve for lettuce.
Suppose that the demand for my new book, Spatulas From Around the World, is such that the demand curve lies everywhere below the average variable cost of producing it. To maximize profits or minimize losses, I should
a. raise price b. lower price to increase demand c. shut down the presses printing my book d. lower price until demand is inelastic e. charge the highest price I can
Suppose a satellite radio signal can be received by any number of devices without the quality being diminished but that the devices are only activated when consumers pay a subscription. Which recognized characteristic of goods does not hold
A. morality. B. exclusivity. C. lucidity. D. rivalry.