Provide an Appropriate Response

question 206

Essay

Provide an appropriate response.
-The following table has the inputs, x, and the outputs for three functions, f, g, and h. Use second differences to
determine which function is exactly quadratic, which is approximately quadratic, and which is not quadratic. $$\begin{array} { c | c | c | c } \mathrm { x } & \mathrm { f } ( \mathrm { x } ) & \mathrm { g } ( \mathrm { x } ) & \mathrm { h } ( \mathrm { x } ) \\\hline 0 & 8 & 0 & 0 \\1 & 8.6 & 0.5 & 2.9 \\2 & 9.2 & 2 & 12.3 \\3 & 9.8 & 4.5 & 26.8 \\4 & 10.4 & 8 & 47.4 \\5 & 11 & 12.5 & 75.2\end{array}$$

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Definitions:

Average Revenue Curve

A graphical representation showing how the average revenue per unit sold varies with the quantity sold.

Perfect Competition

A market structure characterized by many firms offering identical products, free entry and exit of firms, and full information availability, leading to efficient outcomes.

Total Revenue

The total income generated by a company or entity from its business activities, often calculated as the product of price and quantity sold of goods or services.

Marginal Revenue

The supplementary income generated from the sale of an additional good or service by a firm.