What is the linearization L(x) of a function ƒ(x) at a point x = a? What is required of ƒ at a for the linearization to exist? How are linearizations used? Give examples.

Chapter 5 Chapter Objective: How to calculate price elasticity of demand and how this relates to total revenue (Sales) Price Elasticity of demand: The responsiveness, or sensitivity, to a change in price, the ratio of the percentage change in the quantity demanded of a product to a percentage change in its price E d (% in Q demanded)/% in price The...