The Number of Books in a Small Library Increases According $B = 5900 e ^ { 0.04 t }$

question 21

Multiple Choice

The number of books in a small library increases according to the functio $B = 5900 e ^ { 0.04 t }$ , where t is measured in years. How many books will the library have after 7 years?

• A) 11,242 books
• B) 7510 books
• C) 7806 books
• D) 3262 books

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Definitions:

Total Fixed Costs

The sum of all costs that remain constant regardless of the level of production or output in the short term.

Total Variable Costs

The total of all costs that vary with the level of output, including costs such as materials and labor that change with the scale of production.

Profit-Maximizing Level

The output level at which a firm achieves the highest possible profit, where marginal revenue equals marginal cost.

Marginal Revenue

The additional income earned by selling one more unit of a product or service.