Let Y = 1/x $\Delta$ X And $\Delta$ Y If X Changes from 1 to 1

question 47

Essay

Let y = 1/x.
a.Find $\Delta$ x and $\Delta$ y if x changes from 1 to 1.03.Round to six decimal places, if necessary.
b.Find the differential dy, and use it to approximate $\Delta$ y if x changes from 1 to 1.03.
c.Compute $\Delta$ y - dy, the error in approximating $\Delta$ y by dy.

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Definitions:

Equilibrium Price

The market price at which the quantity supplied of a good equals the quantity demanded, leading to a stable market condition.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price during a specific period.

Production Costs

Expenses incurred in the process of creating a product or service, including raw materials, labor, and overheads.

Substitute Goods

Products or services that can replace each other in use, serving the same purpose, leading consumers to switch based on changes in price, availability, or preferences.