For a fixed value of M (say M 10), the family of logistic functions given by Equation 7 depends on the initial value P0 and the proportionality constant k. Graph several members of this family. How does the graph change when P0 varies? How does it change when k varies?
Exam 2 Review 1. Jen values her time at $ 60 an hour. She spends 2 hours giving Colleen a massage. Colleen was willing to pay as much at $ 300 for the massage, but they negotiate a price of $ 200 . In this transaction, a) consumer surplus is $ 20 larger than producer surplus. b) consumer surplus is $ 40 larger than producer surplus. c) producer surplus is $ 20 larger than consumer surplus. d) producer surplus is $ 40 larger than consumer surplus. 2. The demand curve for cookies is downward sloping. When the price of cookies is $ 2 , the quantity demanded is 100 . If the price rises to $ 3 , what happens to consumer surplus a) It falls by less than $ 100 . b) It falls by more t