Choose the Logistic Function That Best Approximates the Curve $f ( x ) = \frac { 8 } { 1 + 7 ( 0.5 ) ^ { - x } }$

question 55

Multiple Choice

Choose the logistic function that best approximates the curve.

• A) \(f ( x ) = \frac { 8 } { 1 + 7 ( 0.5 ) ^ { - x } }\)
• B) \(f ( x ) = \frac { 8 } { 1 + 3 ( 0.5 ) ^ { - x } }\)
• C) \(f ( x ) = \frac { 8 } { 1 + 3 ( 3 ) ^ { - x } }\)

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Definitions:

Human Capital

Represents the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Financial Capital

The funds provided by lenders (and investors) to businesses to purchase real capital equipment for producing goods/services.

Labor Supply Curve

A visual chart that displays how the wage rate correlates with the amount of labor that workers are prepared to offer.

Substitution Effect

The economic principle that as prices rise, consumers will replace more expensive items with less costly alternatives.