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It costs a company $30,000 to begin production of a good,

Functions Modeling Change: A Preparation for Calculus | 5th Edition | ISBN: 9781118583197 | Authors: Eric Connally ISBN: 9781118583197 179

Solution for problem 11.4.35 Chapter 11

Functions Modeling Change: A Preparation for Calculus | 5th Edition

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Functions Modeling Change: A Preparation for Calculus | 5th Edition | ISBN: 9781118583197 | Authors: Eric Connally

Functions Modeling Change: A Preparation for Calculus | 5th Edition

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Problem 11.4.35

It costs a company $30,000 to begin production of a good, plus $3 for every unit of the good produced. Let be the number of units produced by the company. (a) Find a formula for (), the total cost for the production of units of the good. (b) Find a formula for the companys average cost per unit, (). (c) Graph = () for 0 < 50,000, 0 10. Label the horizontal asymptote. (d) Explain in economic terms why the graph of has the long-run behavior that it does. (e) Explain in economic terms why the graph of has the vertical asymptote that it does. (f) Find a formula for 1(). Give an economic interpretation of 1(). (g) The company makes a profit if the average cost of its good is less than $5 per unit. Find the minimum number of units the company can produce and make a profit.

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Social Psychology: Chapter 12  How we behave around other people  How we think about/relate to influence one another o Someone present or watching (could be physical or implied presence)  Social Influence o Several different forms o Hitler, Stalin, David Koresh  One person’s impact can have an impact on people o Social norms  Face forward in elevator  Wait in lines  Certain places where you should smoke o Persuasion  Attitudes or beliefs influenced by another person’s communication  Systematic  Appeal to reason  Reasons why best presidential candidate / lay out facts  Heuristic  Appeal to emotion o Conformity  Tendency to what others do just because they are doing it  Why we conform  Normative influence (social norms) o Want to fit it, want others approval  Informative influence o Not sure how to act; look to others to see what to do  Asch’s study of Conformity o Conformity surprisingly high given:  Unambiguous  Strangers  Low stakes for being wrong o 24% participants never conformed  Personality characteristics/ factors  Desire for consistency o Changed either attitudes/beliefs or behavior o Foot in the Door Technique  Agree to small action; comply later with larger one  Safe driver study  17% consented to large, poorly lettered “Drive Carefully” sign  Almost 100% consented to 3-inch “Be a safe driver” sign  76% consented to the large sign  Cognitive Dissonance o Behaviors influence attitudes/beliefs o Cognitive Dissonance Theory  Festinger  Inconsistency leads to discomfort, change in attitude  Menial Task o Group 1 and 2  Tell others it’s fun o Group 1 gets $1 and group 2 gets $20  Which says it’s more enjoyable o Group 1  If unable to justify attitude change how they feel about the task o Obedience  Form of compliance  People follow direct commands, usually authority figure  Milgram Experiment  Test how people are really that evil (WWII and Holocaust time period)  Completely unethical so can’t be used today  26/40 (65%) completed the experiment  Factors that affect obedience o Yale vs. office building (48%) o Multiple “teachers”  Accomplices accepted orders (65%)  Accomplices defied orders (10%)  Group Behavior: 2 extremes  Diffusion of Responsibility o If alone, responsibility is yours, if others present, divided o Smoke filled room  Informational influence o Helping Behavior  People are less likely to help when in a group than when alone  75% help if alone  53% help in a group  Deindividuation o Large groups may increase impulsive, uninhibited behaviors o Less aware of individual values (take on values of the group)  Ex: Riots o Altruism  Behavior that helps other person  Unique to humans  Reciprocal altruism  Expect something in return (seen in animals) o Cooperation  Behavior that leads to mutual benefit  Studied quite a bit  Prisoner’s dilemma (game)  At first both remain silent, eventually one will confess (b/c people are thinking only of themselves  Tit-for-tat (iterative game)  Also one with forgiveness  Watch out for cheaters  Ultimatum game  2 people  offer and accept

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Chapter 11, Problem 11.4.35 is Solved
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Textbook: Functions Modeling Change: A Preparation for Calculus
Edition: 5
Author: Eric Connally
ISBN: 9781118583197

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It costs a company $30,000 to begin production of a good,