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From a tract of land, a developer plans to fence a rectangular region and then divide it into two identical rectangular lots by putting a fence down the middle. Suppose that the fence for the outside boundary costs $6 per foot and the fence for the middle costs $4 per foot. If each lot contains 4,600 square feet, find the dimensions of each lot that yield the minimum cost for the fence. Round your answer to two decimal places.
Third Unit
In economic terms, it refers to purchasing or producing a third unit of a good or service, often discussed in the context of marginal analysis.
Socially Optimal
A state or outcome of an economic or social process that maximizes societal welfare, taking into account all costs and benefits to society.
Fair-Return
A principle whereby regulated entities are allowed to set prices that cover their costs and provide a reasonable profit.
Price-Discriminating
A pricing strategy where a seller charges different prices for the same product or service to different customers based on various factors.
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