The Graph of a Function F Is Given

question 159

Multiple Choice

The graph of a function f is given. Use the graph to answer the question.
- Find the numbers, if any, at which f has a local minimum. What are the local maxima?

• A) f has a local maximum at x = -3.3 and -2.5; the local maximum at -3.3 is -2.5; the local maximum at -2.5 is 5
• B) f has a local minimum at x = -3.3 and -2.5; the local minimum at -3.3 is -2.5; the local minimum at -2.5 is 5
• C) f has a local minimum at x = -2.5 and 5; the local minimum at -2.5 is -3.3; the local minimum at 5 is -2.5
• D) f has a local maximum at x = -2.5 and 5; the local maximum at -2.5 is -3.3; the local maximum at 5 is -2.5

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Definitions:

Long-Run Profits

Profits that a firm anticipates it can maintain over a lengthy period by adapting its production and costs.

Economic Profits

The profit a company makes after deducting both its explicit and implicit costs, differing from accounting profits.

Marginal Costs

The price increase associated with the creation of an extra unit of a product or service.

Average Total Costs

The total costs of production (fixed and variable costs combined) divided by the quantity of output produced.