For 1019, the first-quadrant part of a function graph is shown. a. Identify the type of function it could be. b. On what interval or intervals is the function increasing or decreasing, and which way is the graph concave? c. From your experience, what relationship in the real world could be modeled by a function with this shape of graph?
Week 8 notes Announcements: Exam 2 will be administered next Thursday. A supply curve shows the minimum price a firm will accept per unit of good or service for a particular amount of goods or services. A producer surplus is the excess amount received from the sale of a good or service over the cost of producing it. Market failure results when a market delivers an inefficient outcome. Market failures are generally caused by market regulation: taxes, subsidies, quotas. Market failures can also be caused by high transaction costs, such as sales taxes or tariffs. A public good benefits everyone. Examples of public goods are libraries, sidewalks, roads, national parks, public education, etc. A common resource is owned by no one but can be used by everyone. Example: fish in the ocean. F
