A Study Prepared for a Sunbelt Town's Chamber of Commerce

question 149

Short Answer

A study prepared for a Sunbelt town's Chamber of Commerce projected that the population of the town in the next 3 yr will grow according to the rule
​ where P(x) denotes the population x mo from now.
​
By how much will the population increase during the next 9 mo?
​
__________
​
During the next 16 mo?
​
__________

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Definitions:

Marginal Utility

The increased pleasure received from consuming an extra unit of a good or service.

Rational Consumer

A consumer who systematically and logically evaluates available options to maximize their satisfaction or utility in decision-making processes.

Marginal Utility

The surplus enjoyment or utility obtained from the consumption of one extra unit of a good or service.

Budget Line

A line that shows the different combinations of two products a consumer can purchase with a specific money income, given the products’ prices.