Let $f ( x ) = c x ^ { 4 }$

question 32

Essay

Let $f ( x ) = c x ^ { 4 }$ . Graph the family of functions with $c = \frac { 1 } { 4 }$ , $\frac { 1 } { 2 }$ , $1$ , $2$ , and $4$ in the viewing rectangle $[ - 2,2 ]$ by $[ - 1,8 ]$ . How does the value of $c$ affect the graph?

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Definitions:

TR

Total Revenue, which is the total income generated by a business from its sales of goods or services.

Long Run

A time period in economic theory during which all factors of production and costs are variable, allowing for full adjustment to changes.

MR

Marginal Revenue refers to the increase in revenue that results from the sale of one additional unit of output.

Industry Entry

The process by which new competitors enter an existing market or industry.