Math 118 - Intro to Quantitative Analysis II
Study Guide - Quiz #3
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Calculate formulas for higher order derivatives. Problems like the RUReady
problems under the section: Higher Order Derivatives.
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In your own words, and with the aid of a diagram, describe the concept
of Marginal Change. See the on-line lecture notes # 7 at http://mathserv.monmouth.edu/coursenotes/math118/Math118Notes.htm.
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Given a demand function, find the rate of change of price with respect
to quantity. Some of these are p. 702 # 40, p. 685 # 3, 15, 21, p.
695 # 41, 45, 702 # 19, 40, 720 # 21, and those found in the On-Line RUReady
Practice Problems under the headings "Applications I (M#4)", "Applications
II (M#5)", and "Applications III (M#6).
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Given a cost function display the formula for the average cost,
display the formula for the Marginal average cost function, then
calculate the marginal average cost at some points. Also,
given a selling price for the same product, find the formulas for revenue,
profit, and marginal profit. Explain what the marginal
profit predicts. Some of these can be found on On-Line RUReady
Practice Problems under the headings "Applications I (M#4)", "Applications
II (M#5)", and "Applications III (M#6); also, p. 702 # 36, 37 and pp. 719-722.
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Find the critical values for a given function -- i.e. the "x" value for
places where the first derivative is equal to zero. Problems like the RUReady
problems under the heading "Critical Points (M#7)".
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Apply the First-Derivative Test to problems like those above to determine
whether a function has a relative max, min, or horizontal point of inflection
at critical value points. Problems like # 25-36 in section 10.1.